Frequently asked questions relating to Bletchley leasehold conveyancing
I am on look out for some leasehold conveyancing in Bletchley. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Bletchley - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Bletchley. I need 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 lessor. In some cases a specialist may be useful to conduct investigations and to produce a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Bletchley.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Bletchley. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bletchley ?
The majority of houses in Bletchley are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bletchley in which case you should be looking for a Bletchley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I work for a busy estate agent office in Bletchley where we have experienced a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Bletchley conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
We expect to complete the sale of our £425000 garden flat in Bletchley in nine days. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bletchley?
Bletchley conveyancing on leasehold maisonettes usually involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.
I own a 2 bed flat in Bletchley, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Bletchley with an extended lease are worth £166,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2087
You have 61 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for extending 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 may be 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 take any other action based on this information before getting professional advice.
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