Coppen Estates. . . .Sheffield

[Jeffrey Shaw 93]

23 hours ago, JaQee said:

I wondered if you applied to buy your freehold, if you had any response from Coppen and if so how it's going?

We are in the process of buying a property and Coppen own the freehold.

We hope to buy the freehold and understand the process will be made quicker and easier with the reformed Leasehold and Freehold bill that on the way.

 

Geared is quite right.

Oh, and don't wait around for any new legislation. The Bill may take months to pass through Parliament (if it does), nobody can know its final shape, even a new Act may take a very long time before commencement (the date when it comes into force) because Statutory Instruments and prescribed forms need to be drafted/promulgated, and meanwhile a lease with < 80yrs unexpired will continue to lose value hand over fist.

[JaQee 0]

On 10/01/2024 at 17:34, Jeffrey Shaw said:

Geared is quite right.

Oh, and don't wait around for any new legislation. The Bill may take months to pass through Parliament (if it does), nobody can know its final shape, even a new Act may take a very long time before commencement (the date when it comes into force) because Statutory Instruments and prescribed forms need to be drafted/promulgated, and meanwhile a lease with < 80yrs unexpired will continue to lose value hand over fist.

Oh I see.

We had hoped the threat of the changes might make the freeholder keener to sell quickly.

There is still over 200 years left on the lease of the house we are buying.

We read an article that suggested the vendors can submit the formal application themselves (as they have owned over 2 years) and on completion, they can assign the benefit of that application to us. The article stated there wouldn't be any cost involved involved in just making the formal application?

It's hard to know if it would be better (easier) to get the process started as early as possible or just wait the 2 years.

[geared 321]

Have you calculated what it'd cost you now vs the proposals?

 

You might hang around for years and end up saving chump change.

[JaQee 0]

The neighbours apparently bought their freehold recently for around £2,000 so we are looking into the possibility of the vendors making the application now and passing the benefit to us on completion.

We really don't want the hassle of being dependent on a landlords permission for any changes we want to make in the first couple of years. 

 

And can anybody tell me how to remove a quote box when you decide against using it?

[Jeffrey Shaw 93]

On 25/01/2024 at 09:24, JaQee said:

The neighbours apparently bought their freehold recently for around £2,000 so we are looking into the possibility of the vendors making the application now and passing the benefit to us on completion.

We really don't want the hassle of being dependent on a landlords permission for any changes we want to make in the first couple of years.

 

Yes. Ensure that:

a. V's solicitors agree to include appropriate contract clauses about V serving Notice of Claim once you've exchanged contracts on your leasehold purchase; AND

b. V executes  a Deed of Assignment in your favour alongside  the leasehold purchase Transfer TR1.

[LisL 0]

Hi we recently bought a house , know from reading this thread that there’s no point in attempting at this stage to buy the freehold <2 yrs. (We did request that the vendors start this process for us during the purchase negotiations but they refused)

We are wanting to make some alterations and I was aware that we would have to obtain permission from Coppen but I thought this was more of a formality. Today the builder/surveyor who came round was quoting some crazy figures for the approval upwards of £700?!?  (Just planning removal of a part of the kitchen internal wall) is this really the going rate for approval? 

Also online I’m seeing several ‘freehold purchase calculations’ to get a ballpark idea of cost, does anyone know the actual formula these calculations are based on?

thanks 😊

[Jeffrey Shaw 93]

There's no 'actual formula'. The price is based on various factors including unexpired lease term, ground rent, any rent increase mechanism in the lease, the property's open-market value, and interest rates.

 

However, for some general guidance, see the Leasehold Advisory Service website:

https://www.lease-advice.org/advice/find-the-right-information-for-you/?step-option=62

 

[Foxglove61 0]

Hi Jeffrey, how can I best contact you with regards to purchasing a leasehold from the dreaded Coppen estates please?

[Jeffrey Shaw 93]

5 hours ago, Foxglove61 said:

Hi Jeffrey, how can I best contact you with regards to purchasing a leasehold from the dreaded Coppen estates please?

You've not read my footer!

[Foxglove61 0]

I can't see this on my mobile phone unfortunately it's not showing.

[JaQee 0]

On 28/01/2024 at 16:42, Jeffrey Shaw said:

Yes. Ensure that:

a. V's solicitors agree to include appropriate contract clauses about V serving Notice of Claim once you've exchanged contracts on your leasehold purchase; AND

b. V executes  a Deed of Assignment in your favour alongside  the leasehold purchase Transfer TR1.

Thank you very much for that.

The buyers are happy to go through the process of serving the claim notices/dealing with the assignment so long as we pay the additional legal costs and quotes (all plus Vat) are:

V solicitor - £450  prep and serving Claim Notice and £300  to deal with assignment.

Our solicitor- £500  to review /produce notice and assignment documents and ensure the claim is transferred properly.

£800  for conveyancing.

£450  to the valuer for negotiating

Suggested £1000  to Coppens solicitor

Plus of course the cost of the freehold, as yet unknown.

We estimate the final cost may be around the £5,000 mark

We'd just like to know if this sounds reasonable?

If we waited 2 years it looks like the only saving would be the cost of the vendors solicitor (or the cost of our solicitor seemingly checking the work of the vendors solicitor?)

Legal fees will probably have risen by then too so the saving will be less.

 

 

 

 

 

 

[geared 321]

18 hours ago, Foxglove61 said:

I can't see this on my mobile phone unfortunately it's not showing.

They don't show on my browser either, so here are the contact details:

 

Quote

JEFFREY SHAW

Solicitor with Nether Edge Law

Contact me on [email protected]

(not via SF private message, please!)