Recently asked questions relating to Ramsey leasehold conveyancing
I am on look out for some leasehold conveyancing in Ramsey. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Ramsey - 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.
Expecting to exchange soon on a ground floor flat in Ramsey. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Ramsey should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I’m about to sell my 2 bed flat in Ramsey.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you clear the service charge 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 couple of maisonettes in Ramsey both have about fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Ramsey is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Ramsey 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.
If all goes to plan we aim to complete the sale of our £125000 apartment in Ramsey next week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Ramsey?
Ramsey conveyancing on leasehold apartments typically necessitates fees being levied by landlords agents :
- Answering pre-contract questions
- Where consent is required before sale in Ramsey
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Ramsey Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
How much is the ground rent and service charge?
The best form of lease structure is a share of the freehold. In this scenario the lessees benefit from control and notwithstanding that a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent is directed by the tenants.
How is the lease structured?