Sample questions relating to Kingsbridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Kingsbridge. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Kingsbridge - 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.
Expecting to sign contracts shortly on a garden flat in Kingsbridge. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Kingsbridge should include some of the following:
- Does the lease prohibit wood flooring?
I am attracted to a couple of flats in Kingsbridge both have in the region of fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Kingsbridge. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold property in Kingsbridge. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a long established estate agency in Kingsbridge where we have experienced a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Kingsbridge conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
I invested in buying a basement flat in Kingsbridge, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Kingsbridge with a long lease are worth £262,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2071
With only 50 years unexpired the likely cost is going to range between £41,800 and £48,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.