Examples of recent questions relating to leasehold conveyancing in Plympton
Having had my offer accepted I require leasehold conveyancing in Plympton. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Plympton - 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.
Jane (my partner) and I may need to sub-let our Plympton ground floor flat temporarily due to a new job. We used a Plympton conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is banned, 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. The majority of leases in Plympton do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have just started marketing my 2 bed flat in Plympton.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – what should I do?
It best that you clear 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 managing agents 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.
Last month I purchased a leasehold house in Plympton. Am I liable to pay service charges for periods before my ownership?
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. 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).
What are your top tips when it comes to finding a Plympton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Plympton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Plympton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
I acquired a split level flat in Plympton, conveyancing formalities finalised 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Plympton with an extended lease are worth £234,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2078
With just 57 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 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 cannot give you a more accurate figure without more comprehensive due diligence. Do 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 clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.