Top Five Questions relating to Yelverton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Yelverton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Yelverton - then the leasehold title will always include the basic details 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 am intending to sublet my leasehold apartment in Yelverton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Yelverton conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or some other party in advance of subletting. This means that you cannot sublet without prior permission. The consent must not not be unreasonably turned down. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am hoping to sign contracts shortly on a leasehold property in Yelverton. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Yelverton should include some of the following:
- Setting out your legal entitlements in relation to the communal areas in the building.By way of example, does the lease provide for a right of way over a path or staircase?
Back In 2001, I bought a leasehold house in Yelverton. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Yelverton who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Yelverton conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agent office in Yelverton where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Yelverton conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 am the registered owner of a split level flat in Yelverton, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Similar properties in Yelverton with an extended lease are worth £246,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2076
With 52 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information 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 move forward placing reliance on this information before seeking the advice of a professional.