Symonds Yat leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Symonds Yat. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Symonds Yat - 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 basement flat in Symonds Yat.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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 am tempted by the attractive purchase price for a two flats in Symonds Yat both have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Symonds Yat is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, 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 a residence 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 Symonds Yat 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Can you offer any advice when it comes to choosing a Symonds Yat conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Symonds Yat conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Symonds Yat conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
All being well we will complete our sale of a £200000 flat in Symonds Yat in just under a week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Symonds Yat?
For most leasehold sales in Symonds Yat conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Symonds Yat
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Symonds Yat Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Make sure you discover if the the lease includes any unreasonable restrictions in the lease. For example it is fairly common in Symonds Yat leases that pets are not permitted in certain buildings in Symonds Yat. If you like the apartmentin Symonds Yat yet your dog can’t make the move with you then you will be faced difficult decision.
The answer will be useful as a) areas may cause problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have full disclosure
The prefered form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained if the building is bigger than a house conversion, the managing agent is directed by the tenants.
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