Examples of recent questions relating to leasehold conveyancing in Bexhill On Sea
There are only 62 years remaining on my lease in Bexhill On Sea. I need to get lease extension but my freeholder is absent. What options are available to me?
On the basis that 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 extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. In some cases a specialist would be useful to conduct investigations and prepare a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Bexhill On Sea.
Estate agents have just been given the go-ahead to market my basement flat in Bexhill On Sea.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Bexhill On Sea. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bexhill On Sea ?
Most houses in Bexhill On Sea are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Bexhill On Sea in which case you should be shopping around for a Bexhill On Sea conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I am looking at a couple of apartments in Bexhill On Sea both have in the region of forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
I am a negotiator for a reputable estate agent office in Bexhill On Sea where we see a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Bexhill On Sea conveyancing solicitors. Please can you clarify whether the owner of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
I am the registered owner of a 1 bedroom flat in Bexhill On Sea, conveyancing was carried out 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Bexhill On Sea with over 90 years remaining are worth £230,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2090
With just 68 years unexpired the likely cost is going to be between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
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