Examples of recent questions relating to leasehold conveyancing in Braintree
Having had my offer accepted I require leasehold conveyancing in Braintree. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Braintree - 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.
There are only Fifty years unexpired on my flat in Braintree. I now want to extend my lease but my landlord is missing. What are my options?
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 enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the landlord. On the whole a specialist would be helpful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Braintree.
I have just started marketing my basement flat in Braintree.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – 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 management companies 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 am tempted by the attractive purchase price for a two apartments in Braintree both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Braintree. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to finding a Braintree conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Braintree conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Braintree conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
I bought a split level flat in Braintree, conveyancing having been completed 1995. Can you work out an approximate cost of a lease extension? Similar flats in Braintree with over 90 years remaining are worth £245,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ends on 21st October 2097
With 76 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.