Leasehold Conveyancing in Bishop Auckland - Get a Quote from the leasehold experts approved by your lender

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Examples of recent questions relating to leasehold conveyancing in Bishop Auckland

There are only Fifty years left on my flat in Bishop Auckland. I now want 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 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 demonstrate that you or your lawyers have done all that could be expected to find the landlord. For most situations a specialist would be useful to try and locate 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 property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Bishop Auckland.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently 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 Bishop Auckland. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Bishop Auckland are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bishop Auckland so you should seriously consider looking for a Bishop Auckland conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

I own a leasehold house in Bishop Auckland. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Bishop Auckland who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Bishop Auckland conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Bishop Auckland which have approximately forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Bishop Auckland is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bishop Auckland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold house in Bishop Auckland. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I acquired a studio flat in Bishop Auckland, conveyancing having been completed in 2003. 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? Corresponding flats in Bishop Auckland with a long lease are worth £202,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2089

With just 66 years left to run we estimate the premium for your lease extension to be between £15,200 and £17,600 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

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Lease Extensions in Bishop Auckland