Recently asked questions relating to St Columb leasehold conveyancing
I am on look out for some leasehold conveyancing in St Columb. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in St Columb - 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 today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in St Columb. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in St Columb ?
Most houses in St Columb are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in St Columb so you should seriously consider shopping around for a St Columb conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
My wife and I purchased a leasehold house in St Columb. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in St Columb who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a St Columb conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two maisonettes in St Columb which have about 50 years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in St Columb is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. 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 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 St Columb 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.
I am a negotiator for a busy estate agency in St Columb where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local St Columb conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a studio flat in St Columb, conveyancing was carried out 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in St Columb with over 90 years remaining are worth £249,000. The ground rent is £50 levied per year. The lease ends on 21st October 2081
With 61 years unexpired we estimate the premium for your lease extension to span between £20,900 and £24,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.