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Top Five Questions relating to Ampthill leasehold conveyancing

Having checked my lease I have discovered that there are only 72 years unexpired on my flat in Ampthill. I now want to extend my lease but my freeholder is can not be found. What options are available to me?

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 mean that your lease can 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 track down the lessor. In some cases a specialist would be useful to try and locate and to produce a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Ampthill.

I am attracted to a two flats in Ampthill both have about forty five years remaining on the leases. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a reputable estate agent office in Ampthill where we have experienced a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Ampthill conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 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 disposal of the property.

Alternatively, it may be possible 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 buyer.

Can you offer any advice when it comes to appointing a Ampthill conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Ampthill conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Ampthill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • Can they put you in touch with client in Ampthill who can give a testimonial?
  • What are the charges for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Ampthill from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Ampthill can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority freeholders or Management Companies in Ampthill charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Ampthill.
  • Some Ampthill leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Ampthill Leasehold Conveyancing - Sample of Queries before buying

      You should be aware that where the lease has no more than eighty years it will have adverse implications on the value of the property. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably require a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you will need to own the residence for two years before you are eligible to extend the lease. It is important to be aware if fixing the lift or some other major work is due in the foreseeable future that will be shared between the tenants and will materially increase the the service fees or result in a one off invoice. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Ampthill