Castelnau leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Castelnau. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Castelnau - 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.
Jane (my partner) and I may need to sub-let our Castelnau garden flat for a while due to a career opportunity. We used a Castelnau conveyancing practice in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Castelnau do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
My wife and I purchased a leasehold flat in Castelnau. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Castelnau who previously acted has now retired.Do I pay?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Castelnau conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of apartments in Castelnau which have approximately 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Castelnau is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Castelnau conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any advice for leasehold conveyancing in Castelnau from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Castelnau can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Castelnau levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Castelnau.
I am the leaseholder of a first flat in Castelnau. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Most definitely. We can put you in touch with a Castelnau conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Castelnau flat is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 68.32 years.