Lynmouth leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Lynmouth. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and most are in Lynmouth - 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’m about to sell my garden apartment in Lynmouth.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of maisonettes in Lynmouth both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Lynmouth. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
I work for a busy estate agency in Lynmouth where we see a few flat sales jeopardised as a result of short leases. I have been given contradictory information from local Lynmouth conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to finding a Lynmouth conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Lynmouth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Lynmouth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
I am the registered owner of a 2 bed flat in Lynmouth, conveyancing formalities finalised 2010. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Lynmouth with a long lease are worth £193,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2089
With 68 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.