Top Five Questions relating to Mevagissey leasehold conveyancing
I am in need of some leasehold conveyancing in Mevagissey. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Mevagissey - 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 want to sublet my leasehold flat in Mevagissey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A lease governs relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Mevagissey do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Expecting to exchange soon on a leasehold property in Mevagissey. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Mevagissey should include some of the following:
- The total extent of the premises. This will be the property itself but may include a loft or cellar if appropriate.
I am a negotiator for a busy estate agency in Mevagissey where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Mevagissey conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
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. The benefit of this is 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 before, 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.
What are your top tips when it comes to finding a Mevagissey conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Mevagissey conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Mevagissey conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions have they conducted in Mevagissey in the last year?
I am the registered owner of a studio flat in Mevagissey, conveyancing having been completed half a dozen years ago. 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? Comparable properties in Mevagissey with an extended lease are worth £268,000. The ground rent is £55 per annum. The lease expires on 21st October 2077
You have 54 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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