Sample questions relating to St Austell leasehold conveyancing
I am on look out for some leasehold conveyancing in St Austell. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most 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’m about to sell my ground floor flat in St Austell.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 managing agents will not acknowledge the buyer unless 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.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in St Austell. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in St Austell ?
Most houses in St Austell are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in St Austell in which case you should be looking for a St Austell conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am attracted to a two apartments in St Austell both have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in St Austell is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat 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 property 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 St Austell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 our sale of a £475000 apartment in St Austell in 10 days. The managing agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in St Austell?
St Austell conveyancing on leasehold apartments usually involves fees being levied by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in St Austell
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a 2 bed flat in St Austell, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Equivalent flats in St Austell with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2101
You have 79 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.