Examples of recent questions relating to leasehold conveyancing in Tavistock
I am on look out for some leasehold conveyancing in Tavistock. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Tavistock - 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 have just started marketing my garden apartment in Tavistock.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 until 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 own a leasehold house in Tavistock. Conveyancing and Halifax mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Tavistock who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Tavistock conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a busy estate agency in Tavistock where we have experienced a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Tavistock conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
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. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 purchaser.
All being well we will complete our sale of a £250000 garden flat in Tavistock in six days. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Tavistock?
Tavistock conveyancing on leasehold apartments usually requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They are entitled invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. 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 accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I acquired a 1 bedroom flat in Tavistock, conveyancing having been completed in 1996. How much will my lease extension cost? Corresponding properties in Tavistock with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2080
With 59 years unexpired we estimate the premium for your lease extension to span between £26,600 and £30,800 plus costs.
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 without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. 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. Neither should you move forward placing reliance on this information without first getting professional advice.