Top Five Questions relating to Marple leasehold conveyancing
I am in need of some leasehold conveyancing in Marple. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Marple - 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.
Expecting to sign contracts shortly on a leasehold property in Marple. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Marple should include some of the following:
- You should receive a copy of the lease
Back In 2005, I bought a leasehold flat in Marple. Conveyancing and Santander mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Marple who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Marple conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a long established estate agent office in Marple where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Marple conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 buyer 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 has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
If all goes to plan we aim to complete the disposal of our £275000 apartment in Marple in 10 days. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Marple?
For the majority of leasehold sales in Marple conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Marple
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a 1st floor flat in Marple, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable properties in Marple with over 90 years remaining are worth £200,000. The ground rent is £55 levied per year. The lease ends on 21st October 2079
With just 58 years unexpired we estimate the price of your lease extension to range between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.