Examples of recent questions relating to leasehold conveyancing in Arnold
Having checked my lease I have discovered that there are only 72 years left on my lease in Arnold. I am keen to get lease extension but my landlord is absent. 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 Court. However, you will be required to prove that you have used your best endeavours to locate the freeholder. For most situations an enquiry agent would be helpful to try and locate and to produce an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Arnold.
Estate agents have just been given the go-ahead to market my basement apartment in Arnold.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
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 management companies 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 hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Arnold. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Arnold are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Arnold so you should seriously consider looking for a Arnold conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
Back In 2001, I bought a leasehold house in Arnold. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Arnold who previously acted has long since retired.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to instruct a Arnold conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agency in Arnold where we see a few flat sales derailed due to short leases. I have received inconsistent advice from local Arnold conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
I purchased a 1 bedroom flat in Arnold, conveyancing having been completed 1999. 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 Arnold with a long lease are worth £265,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2095
With 70 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
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