Recently asked questions relating to Yarm On Tees leasehold conveyancing
Back In 2003, I bought a leasehold house in Yarm On Tees. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter 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 1994. The conveyancing practitioner in Yarm On Tees who previously acted has long since retired.What should I do?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Yarm On Tees conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agent office in Yarm On Tees where we see a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Yarm On Tees conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
What are your top tips when it comes to choosing a Yarm On Tees conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Yarm On Tees conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Yarm On Tees conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
Completion in due on the sale of our £200000 garden flat in Yarm On Tees on Tuesday in a week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Yarm On Tees?
Yarm On Tees conveyancing on leasehold maisonettes ordinarily necessitates administration charges levied by management companies :
- Answering pre-exchange questions
- Where consent is required before sale in Yarm On Tees
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Yarm On Tees lease defective?
There is nothing unique about leasehold conveyancing in Yarm On Tees. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I own a 2 bed flat in Yarm On Tees, conveyancing having been completed 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Yarm On Tees with a long lease are worth £245,000. The ground rent is £65 per annum. The lease runs out on 21st October 2098
You have 76 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.