Examples of recent questions relating to leasehold conveyancing in Formby
I am in need of some leasehold conveyancing in Formby. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Formby - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to exchange soon on a leasehold property in Formby. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Formby should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold house in Formby. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Formby who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Formby conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agency in Formby where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Formby conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Do you have any advice for leasehold conveyancing in Formby with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Formby can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Formby levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Formby.
I bought a leasehold flat in Formby, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Formby with a long lease are worth £269,000. The ground rent is £60 levied per year. The lease runs out on 21st October 2096
With only 73 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.