Barrow In Furness leasehold conveyancing Example Support Desk Enquiries
Having checked my lease I have discovered that there are only Fifty years left on my flat in Barrow In Furness. I now want to extend my lease 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 submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Barrow In Furness.
I have just started marketing my ground floor flat in Barrow In Furness.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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 managing agents 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. This will smooth the conveyancing process.
I work for a busy estate agency in Barrow In Furness where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Barrow In Furness conveyancing firms. Can you shed some light as to whether the owner of a flat can instigate 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 commence 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 prior to, or simultaneously with 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Barrow In Furness with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Barrow In Furness can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- Many freeholders or managing agents in Barrow In Furness charge for providing management packs for a leasehold homes. You or your lawyers should discover 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 usual cause of frustration in leasehold conveyancing in Barrow In Furness.
When it comes to leasehold conveyancing in Barrow In Furness what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Barrow In Furness. All leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Godiva Mortgages Ltd all have express conveyancing instructions 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 pull out.
I purchased a 2 bed flat in Barrow In Furness, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Barrow In Furness with a long lease are worth £246,000. The ground rent is £55 per annum. The lease terminates on 21st October 2098
You have 77 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.