Recently asked questions relating to St Ives leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in St Ives. I am keen to get lease extension but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases a specialist should be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing St Ives.
Due to sign contracts shortly on a garden flat in St Ives. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in St Ives should include some of the following:
- Does the lease prevent you from renting out the flat, or working from home
I’m about to sell my ground floor flat in St Ives.Conveyancing has not commenced but I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is discharge the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two flats in St Ives both have approximately 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold property in St Ives. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I bought a 1 bedroom flat in St Ives, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in St Ives with over 90 years remaining are worth £215,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2086
With only 66 years left to run we estimate the price of your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" 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 the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.