Examples of recent questions relating to leasehold conveyancing in Rumney
Having had my offer accepted I require leasehold conveyancing in Rumney. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Rumney - 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.
Planning to exchange soon on a garden flat in Rumney. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rumney should include some of the following:
- The total extent of the premises. This will be the property itself but might include a loft or cellar if appropriate.
I have just appointed agents to market my ground floor apartment in Rumney.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – Do I pay up?
It best that you pay the invoice 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 management companies will not acknowledge the buyer until 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 employed by a busy estate agency in Rumney where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Rumney conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What makes a Rumney lease unmortgageable?
Leasehold conveyancing in Rumney is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a split level flat in Rumney, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Rumney with an extended lease are worth £245,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2076
With 55 years remaining on your lease we estimate the price of your lease extension to span between £28,500 and £33,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.