Common questions relating to Allestree leasehold conveyancing
I have recently realised that I have Seventy years remaining on my lease in Allestree. I need to extend my lease but my landlord is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases an enquiry agent should be useful to try and locate and to produce a report which can 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 devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Allestree.
I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Allestree. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Allestree ?
The majority of houses in Allestree 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. It is clear that you are buying in Allestree so you should seriously consider shopping around for a Allestree conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Allestree both have about fifty years remaining on the lease term. should I be concerned?
There are plenty of short leases in Allestree. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a long established estate agent office in Allestree where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Allestree conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser 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 before, or at the same time as 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 purchaser.
What advice can you give us when it comes to appointing a Allestree conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Allestree conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Allestree conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
I acquired a leasehold flat in Allestree, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Allestree with over 90 years remaining are worth £209,000. The ground rent is £65 yearly. The lease ceases on 21st October 2077
With just 57 years left to run the likely cost is going to be between £25,700 and £29,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.