Recently asked questions relating to Richmond leasehold conveyancing
I am on look out for some leasehold conveyancing in Richmond. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Richmond - then the leasehold title will always include the short particulars 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 Richmond. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Richmond should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold house in Richmond. Conveyancing and Clydesdale 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 1992. The conveyancing practitioner in Richmond who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Richmond conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note 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.
I am looking at a two apartments in Richmond both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. 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 difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to finding a Richmond conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Richmond conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Richmond conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
I purchased a 2 bed flat in Richmond, conveyancing formalities finalised 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? Similar flats in Richmond with over 90 years remaining are worth £255,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2075
With 55 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.