Ulverston leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Ulverston. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ulverston - 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 unexpired on my lease in Ulverston. I need to extend my lease but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the landlord. For most situations a specialist would be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Ulverston.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Ulverston. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Ulverston ?
Most houses in Ulverston are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ulverston in which case you should be looking for a Ulverston conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Ulverston. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Ulverston who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Ulverston conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a reputable estate agency in Ulverston where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Ulverston conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate 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 kick-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 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 sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 split level flat in Ulverston, conveyancing having been completed in 2005. How much will my lease extension cost? Comparable properties in Ulverston with over 90 years remaining are worth £196,000. The ground rent is £45 yearly. The lease ceases on 21st October 2101
You have 79 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.