Frequently asked questions relating to Littleborough leasehold conveyancing
Planning to exchange soon on a garden flat in Littleborough. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Littleborough should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Littleborough. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Littleborough are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Littleborough so you should seriously consider looking for a Littleborough conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
Back In 2007, I bought a leasehold house in Littleborough. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Littleborough who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Littleborough conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Littleborough which have about fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Littleborough. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold property in Littleborough. 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 be sure 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 bought a ground floor flat in Littleborough, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Littleborough with a long lease are worth £267,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2093
With 68 years unexpired we estimate the premium for your lease extension to range between £14,300 and £16,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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