Sample questions relating to Barlborough leasehold conveyancing
I only have Sixty One years remaining on my lease in Barlborough. I am keen to get lease extension but my landlord is can not be found. What options are available to me?
If you qualify, 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 enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to find the freeholder. In some cases a specialist should be useful to try and locate and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Barlborough.
I am hoping to complete next month on a garden flat in Barlborough. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Barlborough should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am employed by a long established estate agency in Barlborough where we have experienced a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Barlborough conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner 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. The benefit of this is that the buyer 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 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.
What advice can you give us when it comes to choosing a Barlborough conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Barlborough conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Barlborough conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Are there frequently found problems that you encounter in leases for Barlborough properties?
Leasehold conveyancing in Barlborough is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses 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
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I am the registered owner of a garden flat in Barlborough, conveyancing was carried out 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Barlborough with an extended lease are worth £198,000. The average or mid-range amount of ground rent is £60 yearly. The lease expires on 21st October 2078
With 57 years left to run we estimate the premium for your lease extension to range between £24,700 and £28,600 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.