Examples of recent questions relating to leasehold conveyancing in St Ives
I am on look out for some leasehold conveyancing in St Ives. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in St Ives. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in St Ives are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in St Ives so you should seriously consider looking for a St Ives conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am employed by a long established estate agent office in St Ives where we have experienced a number of flat sales derailed due to short leases. I have received inconsistent advice from local St Ives conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in St Ives on Monday in a week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in St Ives?
St Ives conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
What makes a St Ives lease defective?
Leasehold conveyancing in St Ives is not unique. All leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 acquired a 1 bedroom flat in St Ives, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in St Ives with a long lease are worth £169,000. The ground rent is £50 per annum. The lease terminates on 21st October 2077
With only 52 years left to run we estimate the premium for your lease extension to range between £33,300 and £38,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
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