Questions and Answers: Mynydd Isa leasehold conveyancing
Looking forward to exchange soon on a garden flat in Mynydd Isa. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Mynydd Isa should include some of the following:
- You should be sent a copy of the lease
Back In 2001, I bought a leasehold flat in Mynydd Isa. Conveyancing and Leeds Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Mynydd Isa who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Mynydd Isa conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agency in Mynydd Isa where we have witnessed a few flat sales put at risk as a result of short leases. I have received conflicting advice from local Mynydd Isa conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 buyer need not have 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 prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 advice can you give us when it comes to choosing a Mynydd Isa conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Mynydd Isa conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Mynydd Isa conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- Can they put you in touch with client in Mynydd Isa who can give a testimonial?
Do you have any advice for leasehold conveyancing in Mynydd Isa with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mynydd Isa can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- The majority freeholders or Management Companies in Mynydd Isa charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Mynydd Isa.
I acquired a leasehold flat in Mynydd Isa, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Mynydd Isa with an extended lease are worth £214,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2085
You have 65 years remaining on your lease the likely cost is going to span between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.