Saxilby leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Saxilby. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Saxilby - 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.
I have just appointed agents to market my ground floor flat in Saxilby.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is 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. This will smooth the conveyancing process.
Back In 2007, I bought a leasehold flat in Saxilby. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Saxilby who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Saxilby conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two apartments in Saxilby which have about fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Saxilby is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. 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 a residence 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 Saxilby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 flat in Saxilby in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Saxilby?
For the majority of leasehold sales in Saxilby conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Saxilby
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a ground floor flat in Saxilby, conveyancing having been completed 5 years ago. How much will my lease extension cost? Corresponding flats in Saxilby with an extended lease are worth £173,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2083
You have 58 years left to run we estimate the price of your lease extension to span between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
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