Top Five Questions relating to Alsager leasehold conveyancing
I am in need of some leasehold conveyancing in Alsager. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Alsager - then the leasehold title will always include the basic details 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.
I only have 72 years remaining on my lease in Alsager. I need to extend my lease but my freeholder is missing. What are my options?
On the basis that 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 mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. On the whole an enquiry agent should be helpful to conduct investigations and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Alsager.
Expecting to complete next month on a studio apartment in Alsager. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Alsager should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Last month I purchased a leasehold property in Alsager. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a long established estate agent office in Alsager where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Alsager conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I am the registered owner of a split level flat in Alsager, conveyancing formalities finalised 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Alsager with an extended lease are worth £203,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2074
With only 54 years left to run we estimate the price of your lease extension to be between £27,600 and £31,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.