Examples of recent questions relating to leasehold conveyancing in Turvey
I am in need of some leasehold conveyancing in Turvey. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Turvey - then the leasehold title will always include the basic details 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 hoping to complete next month on a studio apartment in Turvey. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Turvey should include some of the following:
- The physical extent of the property. This will be the apartment itself but may incorporate a roof space or cellar if applicable.
- Setting out your legal entitlements in respect of common areas in the block.For example, does the lease provide for a right of way over a path or staircase?
- Does the lease prohibit wood flooring?
- Whether your lease has a provision for a sinking fund?
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- What the implications are if you breach a clause of your lease?
My wife and I purchased a leasehold flat in Turvey. Conveyancing and Halifax mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Turvey who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Turvey conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you provide any top tips for leasehold conveyancing in Turvey with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Turvey can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Turvey state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. If you fail to have the consents in place you should not contact the landlord without contacting your lawyer first.
- If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
- If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Turvey home move. Where a reissued share is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
- You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
What makes a Turvey lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Turvey. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
I invested in buying a garden flat in Turvey, conveyancing having been completed in 2004. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Turvey with a long lease are worth £221,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2105
With just 79 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.