Examples of recent questions relating to leasehold conveyancing in Alston
I have recently realised that I have Seventy years unexpired on my flat in Alston. I now wish to extend my lease but my freeholder is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be helpful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. 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 Alston.
Expecting to complete next month on a ground floor flat in Alston. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Alston should include some of the following:
- Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease contain a right of way over a path or staircase?
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Alston. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Alston are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Alston so you should seriously consider shopping around for a Alston conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of apartments in Alston which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Alston is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. 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 property 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 Alston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 are your top tips when it comes to appointing a Alston conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Alston conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Alston conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If the firm is not ALEP accredited then why not?
I own a basement flat in Alston, conveyancing formalities finalised in 2012. Can you work out an approximate cost of a lease extension? Corresponding properties in Alston with a long lease are worth £211,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2089
With just 66 years remaining on your lease the likely cost is going to be between £15,200 and £17,600 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.