Recently asked questions relating to Ottery St Mary leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ottery St Mary. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ottery St Mary - then the leasehold title will always include the basic details 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.
Looking forward to complete next month on a ground floor flat in Ottery St Mary. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Ottery St Mary should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
Back In 2002, I bought a leasehold flat in Ottery St Mary. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Ottery St Mary who acted for me is not around.What should I do?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Ottery St Mary 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.
We expect to complete the sale of our £425000 garden flat in Ottery St Mary in just under a week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Ottery St Mary?
Ottery St Mary conveyancing on leasehold flats often necessitates the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
What are the frequently found deficiencies that you see in leases for Ottery St Mary properties?
There is nothing unique about leasehold conveyancing in Ottery St Mary. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I bought a basement flat in Ottery St Mary, conveyancing having been completed in 1999. How much will my lease extension cost? Equivalent flats in Ottery St Mary with over 90 years remaining are worth £183,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2100
With just 78 years left to run the likely cost is going to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above 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 may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.