Leasehold Conveyancing in St Ives - Get a Quote from the leasehold experts approved by your lender

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Questions and Answers: St Ives leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in St Ives. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in St Ives - 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.

I would like to rent out my leasehold flat in St Ives. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your last St Ives conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent should not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.

My wife and I purchased a leasehold house in St Ives. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in St Ives who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a St Ives conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any top tips for leasehold conveyancing in St Ives with the intention of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in St Ives can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
  • The majority freeholders or managing agents in St Ives charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in St Ives.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in St Ives state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. If you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer before hand.
  • Some St Ives leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Arranging a duplicate share certificate can be a lengthy process and frustrates many a St Ives home move. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

  • In relation to leasehold conveyancing in St Ives what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in St Ives. All leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I bought a 1st floor flat in St Ives, conveyancing was carried out 10 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in St Ives with a long lease are worth £253,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2076

    With only 52 years left to run the likely cost is going to span between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in St Ives