Frequently asked questions relating to Rochford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Rochford. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Rochford - 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.
Back In 2005, I bought a leasehold flat in Rochford. Conveyancing and Barnsley Building Society mortgage are in place. 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 1992. The conveyancing solicitor in Rochford who previously acted has long since retired.What should I do?
First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Rochford conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Rochford both have approximately fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Rochford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Rochford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
What are your top tips when it comes to finding a Rochford conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Rochford conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Rochford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Completion in due on our sale of a £300000 flat in Rochford next Thursday . The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Rochford?
Rochford conveyancing on leasehold apartments often involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a ground floor flat in Rochford, conveyancing formalities finalised in 2011. Can you work out an approximate cost of a lease extension? Corresponding properties in Rochford with a long lease are worth £255,000. The ground rent is £50 yearly. The lease finishes on 21st October 2092
With just 69 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of 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 taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.