Common questions relating to St Austell leasehold conveyancing
I am hoping to sign contracts shortly on a studio apartment in St Austell. Conveyancing lawyers have said 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 St Austell should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold flat in St Austell. Conveyancing and Barclays mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in St Austell who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a St Austell conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in St Austell. Am I liable to pay service charges for periods before my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 are your top tips when it comes to choosing a St Austell conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a St Austell conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non St Austell conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
What makes a St Austell lease defective?
Leasehold conveyancing in St Austell is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a split level flat in St Austell, conveyancing formalities finalised in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in St Austell with a long lease are worth £203,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2077
With only 55 years left to run we estimate the premium for your lease extension to span between £30,400 and £35,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.