Examples of recent questions relating to leasehold conveyancing in Mousehole
I have just appointed agents to market my basement flat in Mousehole.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is 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.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Mousehole. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Mousehole ?
Most houses in Mousehole are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Mousehole in which case you should be shopping around for a Mousehole conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
Back In 2004, I bought a leasehold house in Mousehole. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Mousehole who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Mousehole conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two apartments in Mousehole which have about fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Mousehole is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with less than 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 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 premises 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 Mousehole 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.
Do you have any top tips for leasehold conveyancing in Mousehole with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Mousehole can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in Mousehole levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Mousehole.
I invested in buying a basement flat in Mousehole, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Mousehole with an extended lease are worth £239,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ends on 21st October 2083
With only 62 years left to run the likely cost is going to be between £21,900 and £25,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.