Examples of recent questions relating to leasehold conveyancing in Kingstanding
I am hoping to complete next month on a leasehold property in Kingstanding. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kingstanding should include some of the following:
- The total extent of the property. This will be the apartment itself but might include a loft or cellar if appropriate.
Back In 2002, I bought a leasehold flat in Kingstanding. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Kingstanding who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Kingstanding conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Kingstanding which have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Kingstanding. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a reputable estate agency in Kingstanding where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Kingstanding conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
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 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 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 purchaser.
Do you have any advice for leasehold conveyancing in Kingstanding from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Kingstanding can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Kingstanding leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you fail to have the paperwork to hand you should not contact the landlord without checking with your conveyancer in advance.
I acquired a 2 bed flat in Kingstanding, conveyancing having been completed in 2005. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Kingstanding with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2073
With 52 years left to run we estimate the premium for your lease extension to span between £35,200 and £40,600 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.