Frequently asked questions relating to Poundbury leasehold conveyancing
I am on look out for some leasehold conveyancing in Poundbury. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Poundbury - 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.
There are only 62 years remaining on my flat in Poundbury. I am keen to extend my lease but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. On the whole an enquiry agent should be helpful to carry out a search and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Poundbury.
What are your top tips when it comes to appointing a Poundbury conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Poundbury conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Poundbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Poundbury with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Poundbury can be bypassed where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or Management Companies in Poundbury charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Poundbury.
All being well we will complete our sale of a £250000 flat in Poundbury next Tuesday . The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Poundbury?
For the majority of leasehold sales in Poundbury conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Poundbury
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a 1 bedroom flat in Poundbury, conveyancing having been completed 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Poundbury with over 90 years remaining are worth £217,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2082
With only 60 years remaining on your lease the likely cost is going to range between £24,700 and £28,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.