Questions and Answers: Ivybridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Ivybridge. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Ivybridge - 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.
My partner and I may need to let out our Ivybridge garden flat for a while due to taking a sabbatical. We used a Ivybridge conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Ivybridge do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Estate agents have just been given the go-ahead to market my basement flat in Ivybridge.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies 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. This will smooth the conveyancing process.
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently 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 Ivybridge. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Ivybridge are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Ivybridge so you should seriously consider looking for a Ivybridge 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. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
My wife and I purchased a leasehold house in Ivybridge. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Ivybridge who previously acted has now retired.Do I pay?
First contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Ivybridge conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a leasehold flat in Ivybridge, conveyancing was carried out in 1996. Can you work out an approximate cost of a lease extension? Similar properties in Ivybridge with a long lease are worth £263,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2077
With 52 years unexpired the likely cost is going to range between £34,200 and £39,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
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