Loddon leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Loddon. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Loddon - 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.
Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Loddon. I now wish to get lease extension but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist may be helpful to try and locate and to produce an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing Loddon.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Loddon. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Loddon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Loddon in which case you should be looking for a Loddon conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I own a leasehold flat in Loddon. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Loddon who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Loddon 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Completion in due on the disposal of our £150000 maisonette in Loddon in 8 days. The management company has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Loddon?
Loddon conveyancing on leasehold maisonettes normally necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to sell the property.
I own a 2 bed flat in Loddon, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Loddon with over 90 years remaining are worth £195,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2076
With just 51 years remaining on your lease the likely cost is going to range between £36,100 and £41,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
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