Questions and Answers: Battle leasehold conveyancing
I am in need of some leasehold conveyancing in Battle. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Battle - 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.
There are only Sixty One years remaining on my lease in Battle. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. On the whole an enquiry agent should be helpful to carry out a search and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Battle.
I am tempted by the attractive purchase price for a couple of maisonettes in Battle which 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 period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
Do you have any advice for leasehold conveyancing in Battle from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Battle can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the buyers solicitors.
- Many landlords or Management Companies in Battle charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Battle.
What makes a Battle lease unmortgageable?
There is nothing unique about leasehold conveyancing in Battle. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I bought a split level flat in Battle, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Battle with an extended lease are worth £231,000. The ground rent is £45 yearly. The lease terminates on 21st October 2102
With only 80 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.