Questions and Answers: Ranmoor leasehold conveyancing
I am on look out for some leasehold conveyancing in Ranmoor. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Ranmoor - 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.
Having checked my lease I have discovered that there are only Sixty One years left on my flat in Ranmoor. I am keen to extend my lease but my landlord is missing. What are my options?
On the basis that 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. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. On the whole a specialist would be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Ranmoor.
I am attracted to a couple of maisonettes in Ranmoor which have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Ranmoor. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold flat in Ranmoor. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Completion in due on our sale of a £350000 apartment in Ranmoor in nine days. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ranmoor?
Ranmoor conveyancing on leasehold flats ordinarily involves administration charges invoiced by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Ranmoor
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a studio flat in Ranmoor, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Ranmoor with over 90 years remaining are worth £223,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2080
With only 55 years left to run the likely cost is going to span between £30,400 and £35,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
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