House with leasehold title discovered when Conveyancing in Sheffield

Houses with leasehold titles are sometimes still encountered in connection with Conveyancing in Sheffield. Conveyancing Solicitor Irene Bonsu-Amoako discovered this when acting for the buyers of a semi-detached property on Stockarth Lane, Oughtibridge, Sheffield, South Yorkshire, S35 in 2010.

Although flats similar properties are almost always held under leases, it is unusual nowadays to find this for houses. In the past it was quite common, but following the passing of the Leasehold Reform Act 1967 many home owners have exercised their rights of enfranchisement under the act to acquire the freehold.

As part of this Conveyancing in Sheffield work for Mr and Mrs S, Irene received the draft contract from Irwin Mitchell LLP Residential Conveyancing Department, Riverside East, 2 Millsands, Sheffield, S3 8DT, acting for the sellers. They also sent a copy of the registered title and the lease.

The latter had been granted in 1926, and was hand-written in the beautiful (but difficult to read) copperplate manuscript that was still common for legal documents right up to the 1940s. The lease was for a term of 800 years from 25 March 1925 at a yearly ground-rent of £5. 25 (originally 5 guineas).

Although owners of such homes are usually entitled to enfranchise, many do not bother where there is a very long term outstanding. The amount which will have to be paid, including legal and other costs, will usually be far in excess of any benefit in not having to pay the annual rent (even if the rent is still being collected. ) In most cases the value will not be increased, so there is little incentive to buy the freehold.

The sellers’ Conveyancers contacted the freeholders who confirmed that the ground rent was paid up. They also mentioned the terms on which they would be willing to transfer the freehold title.

Irene gave her clients details of the existing title, and advised them of the rights they would have when the purchase had been completed. They were happy to accept the situation, as it would make little or no difference to their enjoyment of the property. Consequently Irene completed this Conveyancing in Sheffield without any problems, to the satisfaction of her clients.

Click here for an instant quote for Conveyancing in Sheffield, or phone 0330 660 0286