Common questions relating to Wadebridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Wadebridge. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Wadebridge - 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.
I’m about to sell my 2 bed apartment in Wadebridge.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?
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 management companies 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.
Back In 2001, I bought a leasehold flat in Wadebridge. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Wadebridge who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Wadebridge conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold house in Wadebridge. 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 lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
I work for a long established estate agent office in Wadebridge where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Wadebridge conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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 purchaser.
I bought a leasehold flat in Wadebridge, conveyancing formalities finalised in 2000. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Wadebridge with over 90 years remaining are worth £214,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2076
With 55 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. 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. You should not take any other action based on this information without first seeking the advice of a professional.