Frequently asked questions relating to Verwood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Verwood. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Verwood - 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 Sixty One years remaining on my lease in Verwood. I am keen to get lease extension but my freeholder is missing. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have made all reasonable attempts to find the freeholder. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Verwood.
Estate agents have just been given the go-ahead to market my 2 bed flat in Verwood.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay 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 unless 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.
Last month I purchased a leasehold flat in Verwood. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
If all goes to plan we aim to complete the sale of our £225000 flat in Verwood in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Verwood?
For the majority of leasehold sales in Verwood conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Verwood
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a 1st floor flat in Verwood, conveyancing formalities finalised 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Verwood with over 90 years remaining are worth £225,000. The ground rent is £45 per annum. The lease runs out on 21st October 2071
With just 50 years unexpired the likely cost is going to span between £41,800 and £48,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive 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. Neither should you take any other action placing reliance on this information before getting professional advice.