Questions and Answers: Perry Barr leasehold conveyancing
I am in need of some leasehold conveyancing in Perry Barr. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Perry Barr - 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.
Expecting to complete next month on a basement flat in Perry Barr. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Perry Barr should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Perry Barr. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Perry Barr are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Perry Barr so you should seriously consider shopping around for a Perry Barr conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
Back In 2008, I bought a leasehold house in Perry Barr. Conveyancing and HSBC Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Perry Barr who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Perry Barr 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 rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Perry Barr both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I inherited a ground floor flat in Perry Barr, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Perry Barr with an extended lease are worth £215,000. The ground rent is £45 yearly. The lease expires on 21st October 2089
With only 69 years remaining on your lease we estimate the price of your lease extension to be between £14,300 and £16,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.