Top Five Questions relating to Godmanchester leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Godmanchester. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Godmanchester - 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.
I have recently realised that I have Sixty One years remaining on my lease in Godmanchester. I now wish to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the freeholder. In some cases a specialist would be helpful to try and locate and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Godmanchester.
Due to sign contracts shortly on a basement flat in Godmanchester. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Godmanchester should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I own a leasehold flat in Godmanchester. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Godmanchester who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Godmanchester conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to finding a Godmanchester conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Godmanchester conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Godmanchester 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 of use:
- How familiar is the firm with lease extension legislation?
Godmanchester Leasehold Conveyancing - Sample of Queries Prior to Purchasing
If a Godmanchester lease has fewer than 80 years it will have adverse implications on the salability of the property. Check with your lender that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. For most Godmanchesterlease extensions you will be be obliged to have owned the premises for two years in order to be entitled to extend the lease.
In the main the cost for major works are not incorporated into the service charges, although a few managing agents in Godmanchester ask leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.
Most Godmanchester leasehold flats will be liable to pay a service bill for the upkeep of the building set by the freeholder. Where you purchase the flat you will have to meet this amount, usually in instalments throughout the year. This can differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a rentcharge to be met yearly, normally this is not a significant amount, say approximately £50-£100 but you should to check as sometimes it can be many hundreds of pounds.