Sample questions relating to Port Isaac leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Port Isaac. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Port Isaac - 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 want to sublet my leasehold flat in Port Isaac. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Port Isaac do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Port Isaac. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Port Isaac are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Port Isaac so you should seriously consider looking for a Port Isaac conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
My wife and I purchased a leasehold flat in Port Isaac. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Port Isaac who acted for me is not around.Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Port Isaac conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Port Isaac both have in the region of 50 years left on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Port Isaac is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Port Isaac conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a 2 bed flat in Port Isaac, conveyancing having been completed in 2006. How much will my lease extension cost? Similar properties in Port Isaac with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2101
With only 77 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.