Sample questions relating to Keswick leasehold conveyancing
I am in need of some leasehold conveyancing in Keswick. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Keswick - 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.
Due to complete next month on a ground floor flat in Keswick. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Keswick should include some of the following:
- The total extent of the demise. This will be the apartment itself but might incorporate a roof space or cellar if appropriate.
Back In 2003, I bought a leasehold house in Keswick. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Keswick who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Keswick conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, 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 busy estate agency in Keswick where we see a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Keswick conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 advice can you give us when it comes to choosing a Keswick conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Keswick conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Keswick conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
I am the registered owner of a basement flat in Keswick, conveyancing having been completed 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Keswick with over 90 years remaining are worth £179,000. The ground rent is £45 per annum. The lease ceases on 21st October 2082
With 61 years remaining on your lease the likely cost is going to span between £19,000 and £22,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.