Top Five Questions relating to Glossop leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Glossop. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Glossop ?
The majority of houses in Glossop are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Glossop in which case you should be looking for a Glossop conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Glossop. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Glossop who acted for me is not around.Any advice?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Glossop conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agent office in Glossop where we have experienced a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Glossop conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
What are your top tips when it comes to finding a Glossop conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Glossop conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Glossop conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions has the firm carried out in Glossop in the last twenty four months?
Can you provide any advice for leasehold conveyancing in Glossop from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Glossop can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Glossop leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you fail to have the paperwork to hand you should not communicate with the landlord without contacting your solicitor in advance.
I own a 1 bedroom flat in Glossop, conveyancing having been completed 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Glossop with an extended lease are worth £187,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2080
You have 59 years left to run the likely cost is going to span between £22,800 and £26,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.