Top Five Questions relating to Ashton Under Lyne leasehold conveyancing
I only have 62 years unexpired on my flat in Ashton Under Lyne. I need to extend my lease but my freeholder is missing. What should I do?
If 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist should be useful to carry out a search and prepare a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Ashton Under Lyne.
Due to exchange soon on a ground floor flat in Ashton Under Lyne. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ashton Under Lyne should include some of the following:
- Does the lease prohibit wood flooring?
I am attracted to a two flats in Ashton Under Lyne both have in the region of 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
I am a negotiator for a long established estate agent office in Ashton Under Lyne where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Ashton Under Lyne conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process 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. The benefit of this is that the buyer 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 disposal of the property.
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 buyer.
Do you have any top tips for leasehold conveyancing in Ashton Under Lyne from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ashton Under Lyne can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
- Many freeholders or Management Companies in Ashton Under Lyne levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Ashton Under Lyne.
I inherited a 2 bed flat in Ashton Under Lyne, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ashton Under Lyne with a long lease are worth £185,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2078
With just 55 years unexpired the likely cost is going to span between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.