Lampeter leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Lampeter. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Lampeter - 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.
Planning to complete next month on a garden flat in Lampeter. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lampeter should include some of the following:
- The total extent of the property. This will be the property itself but may incorporate a loft or cellar if applicable.
Last month I purchased a leasehold property in Lampeter. Am I liable to pay service charges relating to a period prior to 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. It is an essential part 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 work for a reputable estate agency in Lampeter where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Lampeter conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 prior to, 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 top tips for leasehold conveyancing in Lampeter from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lampeter can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Lampeter state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you fail to have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
I am the registered owner of a 1st floor flat in Lampeter, conveyancing formalities finalised 2012. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Lampeter with a long lease are worth £175,000. The ground rent is £50 per annum. The lease runs out on 21st October 2082
With only 57 years left to run we estimate the price of your lease extension to span between £21,900 and £25,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
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