Sample questions relating to Buckingham leasehold conveyancing
I have recently realised that I have 62 years remaining on my flat in Buckingham. I now want to extend my lease but my freeholder is can not be found. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. For most situations a specialist would be useful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Buckingham.
Estate agents have just been given the go-ahead to market my garden apartment in Buckingham.Conveyancing has not commenced but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 until 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. This will smooth the conveyancing process.
I work for a long established estate agent office in Buckingham where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Buckingham conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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 our sale of a £400000 garden flat in Buckingham next Friday . The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Buckingham?
For most leasehold sales in Buckingham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange questions
- Where consent is required before sale in Buckingham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common deficiencies that you come across in leases for Buckingham properties?
There is nothing unique about leasehold conveyancing in Buckingham. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements 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 purchaser to withdraw.
I acquired a 1st floor flat in Buckingham, conveyancing was carried out 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Buckingham with a long lease are worth £237,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2088
With 66 years unexpired we estimate the price of your lease extension to be between £13,300 and £15,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures 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 should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.