Recently asked questions relating to Bodmin leasehold conveyancing
I have just started marketing my garden flat in Bodmin.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Bodmin. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bodmin ?
Most houses in Bodmin are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Bodmin in which case you should be shopping around for a Bodmin conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
My wife and I purchased a leasehold house in Bodmin. Conveyancing and Chelsea Building Society 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 1991. The conveyancing solicitor in Bodmin who acted for me is not around.Any advice?
The first thing you should do is contact 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 Bodmin conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Bodmin. Do I have any liability for service charges relating to a period prior to my ownership?
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. A critical element 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).
All being well we will complete our sale of a £ 125000 flat in Bodmin next Thursday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bodmin?
Bodmin conveyancing on leasehold flats usually necessitates administration charges invoiced by managing agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Bodmin
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a 1st floor flat in Bodmin, conveyancing having been completed in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Bodmin with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2099
You have 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures 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 want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.