Old Colwyn leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Old Colwyn. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Old Colwyn - 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've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Old Colwyn. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Old Colwyn ?
Most houses in Old Colwyn are freehold rather than 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 Old Colwyn in which case you should be looking for a Old Colwyn conveyancing solicitor and check 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 leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I own a leasehold flat in Old Colwyn. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Old Colwyn who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Old Colwyn conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold flat in Old Colwyn. 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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 am employed by a busy estate agent office in Old Colwyn where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Old Colwyn conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
I bought a basement flat in Old Colwyn, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Old Colwyn with a long lease are worth £249,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2097
With 72 years left to run the likely cost is going to be between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
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