Questions and Answers: Basildon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Basildon. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Basildon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I only have Seventy years left on my lease in Basildon. I now want to get lease extension but my freeholder is missing. What are my options?
On the basis that 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 granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to track down the landlord. For most situations a specialist would be helpful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Basildon.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Basildon. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Basildon ?
Most houses in Basildon are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Basildon in which case you should be shopping around for a Basildon conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
Completion in due on the disposal of our £175000 apartment in Basildon in 5 days. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Basildon?
For most leasehold sales in Basildon conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Basildon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Basildon lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Basildon. All leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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. HSBC Bank, Skipton Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I am the registered owner of a ground floor flat in Basildon, conveyancing was carried out 7 years ago. 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? Equivalent flats in Basildon with a long lease are worth £207,000. The ground rent is £45 levied per year. The lease expires on 21st October 2080
With only 59 years left to run we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues 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.