Witham leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Witham. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Witham - 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 sign contracts shortly on a studio apartment in Witham. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Witham should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Witham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Witham ?
Most houses in Witham are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Witham in which case you should be shopping around for a Witham conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold house in Witham. Conveyancing and Virgin Money mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Witham who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of HMLR to be 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 Witham conveyancing lawyer 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 legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a busy estate agent office in Witham where we see a few flat sales derailed due to short leases. I have received contradictory information from local Witham conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
I own a studio flat in Witham, conveyancing was carried out in 2011. How much will my lease extension cost? Corresponding flats in Witham with over 90 years remaining are worth £203,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2078
With 53 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
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