Having had my offer accepted I require leasehold conveyancing in Maryport. 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 almost all are in Maryport - 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.

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Maryport. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Maryport are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Maryport in which case you should be shopping around for a Maryport conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold flat in Maryport. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Maryport who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Maryport conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two maisonettes in Maryport which have in the region of 50 years left on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Maryport is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and mortgage companies, 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 property 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 Maryport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 top tips for leasehold conveyancing in Maryport with the aim of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Maryport can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Maryport state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such changes. Where you dont have the paperwork in place do not communicate with the landlord without contacting your solicitor in the first instance.

I own a studio flat in Maryport, conveyancing having been completed in 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Maryport with an extended lease are worth £241,000. The average or mid-range amount of ground rent is £60 levied per year. The lease terminates on 21st October 2087

With 62 years unexpired the likely cost is going to be between £19,000 and £22,000 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Maryport