Frequently asked questions relating to Great Linford leasehold conveyancing
I am on look out for some leasehold conveyancing in Great Linford. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Great Linford - then the leasehold title will always include the short particulars 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.
Looking forward to exchange soon on a garden flat in Great Linford. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Great Linford should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Great Linford. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Great Linford ?
The majority of houses in Great Linford are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Great Linford so you should seriously consider looking for a Great Linford conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold house in Great Linford. Conveyancing and Alliance & Leicester mortgage organised. 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 1998. The conveyancing solicitor in Great Linford who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Great Linford conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in Great Linford. Do I have any liability for service charges relating to a period prior to my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 inherited a basement flat in Great Linford, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Great Linford with a long lease are worth £178,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to range between £21,900 and £25,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should 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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