Sample questions relating to Torrington leasehold conveyancing
I am on look out for some leasehold conveyancing in Torrington. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Torrington - 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.
There are only 72 years left on my flat in Torrington. I am keen to extend my lease but my landlord is can not be found. What should I do?
On the basis that you qualify, 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 Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Torrington.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Torrington. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Torrington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Torrington in which case you should be shopping around for a Torrington conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I am attracted to a couple of flats in Torrington which have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Torrington. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
I work for a long established estate agency in Torrington where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Torrington conveyancing firms. Can you clarify whether the vendor of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 purchaser.
I acquired a split level flat in Torrington, conveyancing formalities finalised 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Torrington with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2099
You have 78 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.