Great Linford leasehold conveyancing Example Support Desk Enquiries
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Great Linford. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Great Linford are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Great Linford so you should seriously consider looking for a Great Linford conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
Back In 2005, I bought a leasehold flat in Great Linford. Conveyancing and Santander mortgage organised. I have received a letter 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 Great Linford who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Great Linford conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Great Linford both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Great Linford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Great Linford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a reputable estate agent office in Great Linford where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Great Linford conveyancing firms. Can you shed some light as to whether the owner of a flat can commence 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is 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.
We expect to complete the sale of our £225000 maisonette in Great Linford next Tuesday . The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Great Linford?
Great Linford conveyancing on leasehold maisonettes ordinarily results in fees being invoiced by managing agents :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Great Linford
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Great Linford - A selection of Questions you should ask before Purchasing
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Who are the managing agents?
Best to be warned whether a new roof is being put on or some other major work is due shortly that will be shared by the tenants and could well materially impact the level of the maintenance fees or result in a one time invoice.
Its a good idea to find out as much as possible concerning the company managing the building as they can either make your life much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. Ask prospective neighbours what they think of their management. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and precisely what it includes.
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