Frequently asked questions relating to Redruth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Redruth. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Redruth - 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.
Looking forward to complete next month on a garden flat in Redruth. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Redruth should include some of the following:
- You should be sent a copy of the lease
I am attracted to a couple of apartments in Redruth which have about forty five years unexpired on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Redruth. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation 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. 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).
What advice can you give us when it comes to choosing a Redruth conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Redruth conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Redruth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
I purchased a studio flat in Redruth, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Corresponding properties in Redruth with an extended lease are worth £228,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2075
You have 54 years remaining on your lease we estimate the premium for your lease extension to range between £32,300 and £37,400 plus costs.
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 the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.