Frequently asked questions relating to Newton Abbot leasehold conveyancing
I only have Sixty One years remaining on my lease in Newton Abbot. I need to get lease extension but my landlord is missing. What are my options?
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 an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent should be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Newton Abbot.
Due to sign contracts shortly on a basement flat in Newton Abbot. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newton Abbot should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my basement flat in Newton Abbot.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice 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 management companies will not acknowledge the buyer until 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 reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Newton Abbot. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Newton Abbot are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Newton Abbot in which case you should be looking for a Newton Abbot conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold house in Newton Abbot. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a leasehold flat in Newton Abbot, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Newton Abbot with over 90 years remaining are worth £230,000. The ground rent is £65 yearly. The lease terminates on 21st October 2076
With 54 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other 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 placing reliance on this information without first seeking the advice of a professional.