Recently asked questions relating to Newbridge leasehold conveyancing
Planning to exchange soon on a garden flat in Newbridge. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Newbridge 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've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Newbridge. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Newbridge ?
Most houses in Newbridge are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Newbridge so you should seriously consider shopping around for a Newbridge conveyancing solicitor and check that they have experience in transacting 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 will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.
My wife and I purchased a leasehold flat in Newbridge. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Newbridge who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Newbridge conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agency in Newbridge where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Newbridge conveyancing firms. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 need not have to wait 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.
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 buyer.
Can you offer any advice when it comes to appointing a Newbridge conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Newbridge conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Newbridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions has the firm carried out in Newbridge in the last year?
I bought a basement flat in Newbridge, conveyancing formalities finalised 1999. How much will my lease extension cost? Comparable flats in Newbridge with a long lease are worth £204,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
With 63 years left to run the likely cost is going to be between £19,000 and £22,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
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