Recently asked questions relating to Glastonbury leasehold conveyancing
Looking forward to sign contracts shortly on a ground floor flat in Glastonbury. Conveyancing lawyers have said that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Glastonbury should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Estate agents have just been given the go-ahead to market my garden apartment in Glastonbury.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Glastonbury. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Glastonbury ?
The majority of houses in Glastonbury are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Glastonbury in which case you should be shopping around for a Glastonbury conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
I work for a long established estate agent office in Glastonbury where we have experienced a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Glastonbury conveyancing firms. Could you shed some light as to 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 been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 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 disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to finding a Glastonbury conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Glastonbury conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Glastonbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions have they completed in Glastonbury in the last twenty four months?
I am the registered owner of a 1 bedroom flat in Glastonbury, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Glastonbury with an extended lease are worth £268,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2098
With just 73 years unexpired the likely cost is going to be between £12,400 and £14,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
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