Crook Log leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Crook Log. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Crook Log - 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.
I want to let out my leasehold apartment in Crook Log. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Crook Log do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I have just started marketing my garden flat in Crook Log.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Back In 2000, I bought a leasehold house in Crook Log. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received 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 1996. The conveyancing solicitor in Crook Log who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Crook Log conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you provide any advice for leasehold conveyancing in Crook Log from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Crook Log can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Crook Log state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. Where you dont have the paperwork in place do not contact the landlord without checking with your solicitor in advance.
- A minority of Crook Log leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
- If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and slows down many a Crook Log home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
- You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
My wife and I have hit a brick wall in trying to purchase the freehold in Crook Log. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension decision for a Crook Log residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired lease term was 76 years.
I am the registered owner of a studio flat in Crook Log, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Crook Log with over 90 years remaining are worth £262,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2091
You have 65 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.