Top Five Questions relating to Bourne End leasehold conveyancing
I only have Seventy years unexpired on my lease in Bourne End. I now want to extend my lease but my landlord is absent. What are my options?
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 extended by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. For most situations an enquiry agent may be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Bourne End.
Expecting to sign contracts shortly on a leasehold property in Bourne End. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bourne End should include some of the following:
- You should be sent a copy of the lease
I am looking at a two apartments in Bourne End which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bourne End. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in Bourne End with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bourne End can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Bourne End state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Should you dont have the consents to hand you should not contact the landlord without contacting your conveyancer before hand.
Are there frequently found defects that you witness in leases for Bourne End properties?
There is nothing unique about leasehold conveyancing in Bourne End. All leases is drafted differently and drafting errors can sometimes mean that certain provisions 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 building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Nottingham Building Society 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 provide security, forcing the buyer to withdraw.
I purchased a ground floor flat in Bourne End, 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 properties in Bourne End with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2094
With 71 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.