Milton Keynes leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Milton Keynes. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Milton Keynes - 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.
Expecting to exchange soon on a ground floor flat in Milton Keynes. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Milton Keynes should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Milton Keynes. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Milton Keynes are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Milton Keynes so you should seriously consider shopping around for a Milton Keynes conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Back In 2008, I bought a leasehold flat in Milton Keynes. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Milton Keynes who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Milton Keynes conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, 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 attracted to a couple of maisonettes in Milton Keynes which have about fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Milton Keynes is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Milton Keynes conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
I am the registered owner of a 1st floor flat in Milton Keynes, conveyancing was carried out in 2012. How much will my lease extension cost? Comparable flats in Milton Keynes with over 90 years remaining are worth £263,000. The ground rent is £65 levied per year. The lease ends on 21st October 2088
With only 67 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.