Top Five Questions relating to Repton leasehold conveyancing
I am on look out for some leasehold conveyancing in Repton. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Repton - 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.
I own a leasehold house in Repton. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Repton who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Repton conveyancing solicitor to do this as it can be done on-line for less than a fiver. 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.
What advice can you give us when it comes to appointing a Repton conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Repton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Repton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Repton with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Repton can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or Management Companies in Repton levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Repton.
Are there frequently found deficiencies that you encounter in leases for Repton properties?
There is nothing unique about leasehold conveyancing in Repton. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I invested in buying a garden flat in Repton, conveyancing was carried out 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Repton with a long lease are worth £214,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2084
With 64 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.