Frequently asked questions relating to Ramsey leasehold conveyancing
I am in need of some leasehold conveyancing in Ramsey. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Ramsey - 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.
There are only 72 years remaining on my lease in Ramsey. I now want to extend my lease but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. In some cases a specialist should be useful to carry out a search and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Ramsey.
Last month I purchased a leasehold property in Ramsey. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I am employed by a reputable estate agency in Ramsey where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Ramsey conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 provide any advice for leasehold conveyancing in Ramsey with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Ramsey can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Ramsey state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without checking with your conveyancer in the first instance.
I bought a basement flat in Ramsey, conveyancing was carried out 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Ramsey with over 90 years remaining are worth £245,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2082
With just 61 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.