Frequently asked questions relating to St Austell leasehold conveyancing
I am in need of some leasehold conveyancing in St Austell. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and almost all are in St Austell - 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've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in St Austell. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in St Austell ?
The majority of houses in St Austell are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in St Austell so you should seriously consider shopping around for a St Austell conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I am looking at a couple of maisonettes in St Austell which have about 50 years remaining on the leases. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in St Austell. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to choosing a St Austell conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a St Austell conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non St Austell 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 helpful:
- Can they put you in touch with client in St Austell who can give a testimonial?
I own a 1st floor flat in St Austell, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in St Austell with an extended lease are worth £173,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2091
With just 70 years left to run we estimate the price of your lease extension to range between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.