Recently asked questions relating to Ulverston leasehold conveyancing
I am in need of some leasehold conveyancing in Ulverston. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Ulverston - 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.
Back In 2003, I bought a leasehold flat in Ulverston. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Ulverston who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Ulverston conveyancing lawyer 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 landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any top tips for leasehold conveyancing in Ulverston with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ulverston can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Ulverston charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Ulverston.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £250000 apartment in Ulverston on Tuesday in a week. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Ulverston?
Ulverston conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to assist. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to sell the property.
What makes a Ulverston lease problematic?
Leasehold conveyancing in Ulverston is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I invested in buying a split level flat in Ulverston, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ulverston with an extended lease are worth £173,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2081
You have 61 years unexpired the likely cost is going to span between £18,100 and £20,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.