Tiverton leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Tiverton. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Tiverton - 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 am tempted by the attractive purchase price for a couple of flats in Tiverton which have in the region of 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Tiverton. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in Tiverton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Can you offer any advice when it comes to finding a Tiverton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Tiverton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Tiverton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Tiverton from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Tiverton can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or Management Companies in Tiverton charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Tiverton.
I am the registered owner of a 2 bed flat in Tiverton, conveyancing formalities finalised in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Tiverton with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2083
With just 62 years remaining on your lease the likely cost is going to be between £20,000 and £23,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.