Almondsbury leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have Sixty One years unexpired on my lease in Almondsbury. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent may be helpful to conduct investigations and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Almondsbury.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Almondsbury.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a couple of flats in Almondsbury which have about forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Almondsbury is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Almondsbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to finding a Almondsbury conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Almondsbury conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Almondsbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
If all goes to plan we aim to complete the disposal of our £475000 garden flat in Almondsbury in seven days. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Almondsbury?
Almondsbury conveyancing on leasehold apartments normally necessitates the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to sell the property.
Almondsbury Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
Be sure to find out if the the lease includes any adverse restrictions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Almondsbury. If you love the propertyin Almondsbury yet your cat can’t live with you then you have a very difficult decision.
What is the maintenance charge and ground rent on the apartment?
Please note that where the lease has fewer than 80 years it will impact the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. For most Almondsburylease extensions you will need to own the residence for 24 months before you are entitled to carry out a lease extension.