Frequently asked questions relating to North Newbald leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in North Newbald. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in North Newbald - then the leasehold title will always include the short particulars 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.
I would like to rent out my leasehold flat in North Newbald. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in North Newbald do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I have just started marketing my basement flat in North Newbald.Conveyancing has not commenced but I have just received a quarterly service charge demand – Do I pay up?
It best that you discharge 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 management companies 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.
My wife and I purchased a leasehold flat in North Newbald. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in North Newbald who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a North Newbald conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in North Newbald. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 own a studio flat in North Newbald, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in North Newbald with an extended lease are worth £220,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2097
With 71 years left to run we estimate the price of your lease extension to be between £14,300 and £16,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
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