Sample questions relating to Westbury On Trym leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Westbury On Trym. I now want to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to locate the freeholder. For most situations an enquiry agent would be helpful to conduct investigations and to produce a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court covering Westbury On Trym.
My wife and I purchased a leasehold flat in Westbury On Trym. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Westbury On Trym who previously acted has long since retired.What should I do?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Westbury On Trym conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two apartments in Westbury On Trym both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Westbury On Trym is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Westbury On Trym conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We expect to complete the disposal of our £300000 garden flat in Westbury On Trym on Friday in a week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Westbury On Trym?
Westbury On Trym conveyancing on leasehold maisonettes ordinarily involves fees being raised by landlords agents :
- Answering pre-exchange enquiries
- Where consent is required before sale in Westbury On Trym
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you encounter in leases for Westbury On Trym properties?
Leasehold conveyancing in Westbury On Trym is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Clydesdale 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, forcing the purchaser to withdraw.
I am the registered owner of a studio flat in Westbury On Trym, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Westbury On Trym with a long lease are worth £252,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2092
With 68 years left to run the likely cost is going to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.