Plympton leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Plympton. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Plympton - 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.
I have just started marketing my basement flat in Plympton.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is discharge the invoice 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a two flats in Plympton both have about fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Plympton. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a busy estate agency in Plympton where we have witnessed a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Plympton conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities 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 can avoid having to sit tight for 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 sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Can you offer any advice when it comes to choosing a Plympton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Plympton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Plympton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
I invested in buying a 1st floor flat in Plympton, conveyancing having been completed 2011. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Plympton with an extended lease are worth £230,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2082
You have 60 years left to run the likely cost is going to be between £20,000 and £23,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously 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.