Sample questions relating to Ramsbottom leasehold conveyancing
I am in need of some leasehold conveyancing in Ramsbottom. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Ramsbottom - 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.
Due to sign contracts shortly on a basement flat in Ramsbottom. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ramsbottom should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold flat in Ramsbottom. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Ramsbottom who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Ramsbottom conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Ramsbottom both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Ramsbottom is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. 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 property 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 Ramsbottom conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Can you provide any top tips for leasehold conveyancing in Ramsbottom from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ramsbottom can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
- Some Ramsbottom leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Leasehold Conveyancing in Ramsbottom - Sample of Queries before buying
If a Ramsbottom lease has fewer than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you will need to own the premises for 24 months before you are entitled to exercise a lease extension.
How many years are left on the lease?
Are any of leasehold owners in dispute over their service charge liability?