Examples of recent questions relating to leasehold conveyancing in Mevagissey
Having had my offer accepted I require leasehold conveyancing in Mevagissey. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all 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.
There are only 72 years unexpired on my flat in Mevagissey. I now wish to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent may be helpful to carry out a search and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Mevagissey.
Looking forward to exchange soon on a garden flat in Mevagissey. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Mevagissey should include some of the following:
- You should be sent a copy of the lease
I am a negotiator for a reputable estate agency in Mevagissey where we see a few flat sales put at risk due to short leases. I have been given contradictory information from local Mevagissey conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process 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 for a lease extension. 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.
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 purchaser.
Do you have any advice for leasehold conveyancing in Mevagissey from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mevagissey can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Mevagissey leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such changes. Where you dont have the approvals in place do not contact the landlord without checking with your lawyer in the first instance.
I acquired a ground floor flat in Mevagissey, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Mevagissey with a long lease are worth £258,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2076
With 55 years remaining on your lease the likely cost is going to range between £26,600 and £30,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.