Shipston on Stour leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Shipston on Stour. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Shipston on Stour - 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.
Back In 2007, I bought a leasehold flat in Shipston on Stour. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Shipston on Stour who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Shipston on Stour conveyancing practitioner 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 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Shipston on Stour both have approximately forty five years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Shipston on Stour is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and mortgage companies, leases with under 75 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 property 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 Shipston on Stour 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 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 Shipston on Stour conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Shipston on Stour conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Shipston on Stour conveyancing practices before you instructing a firm. If the firm 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 £350000 garden flat in Shipston on Stour on Friday in a week. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Shipston on Stour?
Shipston on Stour conveyancing on leasehold flats ordinarily results in fees being invoiced by freeholders :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Shipston on Stour
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Shipston on Stour Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Who takes charge for maintaining and repairing the block?
The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this scenario the lessees benefit from being in charge if their destiny and although a managing agent is often retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
On the whole the cost for major works are not included within maintenance charges, albeit that a few managing agents in Shipston on Stour obliged tenants to pay into a reserve fund created for the specific intention of building a fund for major works.
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