Frequently asked questions relating to Mevagissey leasehold conveyancing
There are only Sixty One years remaining on my lease in Mevagissey. I now wish to get lease extension but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the landlord. On the whole an enquiry agent may be useful to carry out a search and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Mevagissey.
I’m about to sell my 2 bed flat in Mevagissey.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – what should I do?
It best that you 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 unless 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.
What advice can you give us when it comes to finding a Mevagissey conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Mevagissey conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Mevagissey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Mevagissey from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Mevagissey can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or Management Companies in Mevagissey charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Mevagissey.
What are the frequently found defects that you come across in leases for Mevagissey properties?
Leasehold conveyancing in Mevagissey is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I own a 1 bedroom flat in Mevagissey, conveyancing formalities finalised 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Mevagissey with over 90 years remaining are worth £170,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2095
You have 75 years left to run the likely cost is going to span between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is 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. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.