Wide Open leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Wide Open. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Wide Open - 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 garden apartment in Wide Open.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?
It best that you clear the service charge 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 until 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Wide Open. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Wide Open ?
Most houses in Wide Open are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Wide Open in which case you should be shopping around for a Wide Open conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am looking at a two flats in Wide Open both have in the region of forty five years left on the leases. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold flat in Wide Open. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. It is an essential part 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).
I purchased a garden flat in Wide Open, conveyancing formalities finalised 2011. 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? Comparable flats in Wide Open with an extended lease are worth £209,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2085
With 60 years left to run the likely cost is going to be between £24,700 and £28,600 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
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