Great Missenden leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Great Missenden. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and most are in Great Missenden - then the leasehold title will always include the short particulars 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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Great Missenden. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Great Missenden ?
The majority of houses in Great Missenden are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Great Missenden so you should seriously consider shopping around for a Great Missenden conveyancing solicitor and check that they are used to 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 will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Back In 2004, I bought a leasehold house in Great Missenden. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Great Missenden who previously acted has long since retired.What should I do?
First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Great Missenden conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 flat in Great Missenden next Thursday . The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Great Missenden?
Great Missenden conveyancing on leasehold maisonettes more often than not involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Great Missenden what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Great Missenden. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I bought a garden flat in Great Missenden, conveyancing was carried out in 2003. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Great Missenden with over 90 years remaining are worth £193,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2073
With just 51 years unexpired we estimate the premium for your lease extension to span between £35,200 and £40,600 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.