Questions and Answers: Tregaron leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Tregaron. I am keen to extend my lease but my landlord is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the lessor. On the whole a specialist should be helpful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Tregaron.
Planning to sign contracts shortly on a garden flat in Tregaron. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Tregaron should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Estate agents have just been given the go-ahead to market my basement flat in Tregaron.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – what should I do?
The sensible thing to do is 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 managing agents 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.
Back In 2000, I bought a leasehold flat in Tregaron. Conveyancing and Aldermore mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Tregaron who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Tregaron conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, 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 reputable estate agent office in Tregaron where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Tregaron conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 can avoid having to wait 2 years to extend their lease. 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 buyer.
I invested in buying a ground floor flat in Tregaron, conveyancing formalities finalised in 2012. Can you work out an approximate cost of a lease extension? Corresponding properties in Tregaron with a long lease are worth £223,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2102
You have 79 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
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 comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.