Frequently asked questions relating to Carbis Bay leasehold conveyancing
I only have Sixty One years left on my flat in Carbis Bay. I need to extend my lease but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. On the whole an enquiry agent may be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Carbis Bay.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Carbis Bay. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Carbis Bay ?
The majority of houses in Carbis Bay are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Carbis Bay so you should seriously consider shopping around for a Carbis Bay conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
Last month I purchased a leasehold property in Carbis Bay. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee 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 ensure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 garden flat in Carbis Bay in just under a week. The management company has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Carbis Bay?
Carbis Bay conveyancing on leasehold apartments ordinarily involves administration charges levied by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Carbis Bay
- 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 makes a Carbis Bay lease problematic?
There is nothing unique about leasehold conveyancing in Carbis Bay. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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 a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I invested in buying a split level flat in Carbis Bay, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Carbis Bay with a long lease are worth £205,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2088
You have 62 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 plus costs.
The figure above a general guide to costs for extending 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 are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Other Topics