Recently asked questions relating to Anstey leasehold conveyancing
There are only Fifty years remaining on my lease in Anstey. I now wish to get lease extension but my landlord is can not be found. What options are available to me?
On the basis that you qualify, 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 mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Anstey.
Looking forward to complete next month on a ground floor flat in Anstey. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Anstey should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold house in Anstey. Conveyancing and Barclays mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Anstey who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Anstey conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agency in Anstey where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Anstey conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
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 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 before, or simultaneously with 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.
What are the frequently found problems that you witness in leases for Anstey properties?
Leasehold conveyancing in Anstey is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I acquired a 1st floor flat in Anstey, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Anstey with an extended lease are worth £220,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2090
With just 64 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. 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. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
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