Frequently asked questions relating to Deganwy leasehold conveyancing
There are only 62 years remaining on my flat in Deganwy. I need to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. On the whole an enquiry agent should be useful to carry out a search and prepare a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Deganwy.
Due to sign contracts shortly on a studio apartment in Deganwy. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Deganwy should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Deganwy. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Deganwy 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 Deganwy in which case you should be shopping around for a Deganwy conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
Back In 2009, I bought a leasehold flat in Deganwy. Conveyancing and Norwich and Peterborough 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 Deganwy who previously acted has now retired.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Deganwy conveyancing solicitor 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 legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Deganwy. Am I liable to pay service charges for periods before completion of my purchase?
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. Strange as it may seem, 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).
I invested in buying a garden flat in Deganwy, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Deganwy with over 90 years remaining are worth £176,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2100
With just 76 years remaining on your lease the likely cost is going 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 are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
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