Top Five Questions relating to Atherton leasehold conveyancing
I only have Sixty One years left on my lease in Atherton. I need to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Atherton.
I am hoping to complete next month on a leasehold property in Atherton. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Atherton should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold house in Atherton. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Atherton who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Atherton conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, 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 looking at a couple of apartments in Atherton which have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Atherton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than 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 property 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 Atherton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
If all goes to plan we aim to complete the disposal of our £450000 garden flat in Atherton in seven days. The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Atherton?
Atherton conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They are entitled charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I acquired a 1 bedroom flat in Atherton, conveyancing was carried out 1999. Can you work out an approximate cost of a lease extension? Comparable flats in Atherton with over 90 years remaining are worth £257,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2091
With just 67 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.