Recently asked questions relating to Burnham On Crouch leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Burnham On Crouch. I am keen to extend my lease but my freeholder is absent. What options are available to me?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you have done all that could be expected to track down the landlord. In some cases a specialist may be useful to try and locate and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Burnham On Crouch.
My wife and I purchased a leasehold house in Burnham On Crouch. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Burnham On Crouch who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Burnham On Crouch conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Burnham On Crouch both have in the region of fifty years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
I am a negotiator for a reputable estate agency in Burnham On Crouch where we have witnessed a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Burnham On Crouch conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
If all goes to plan we aim to complete our sale of a £275000 garden flat in Burnham On Crouch in nine days. The freeholder has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Burnham On Crouch?
Burnham On Crouch conveyancing on leasehold maisonettes usually involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded if you want to complete the sale of your home.
Burnham On Crouch Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
If a Burnham On Crouch lease has no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out what this would cost. Remember, in most cases you would need to own the property for two years in order to be eligible to extend the lease.
What is the yearly maintenance fee and ground rent?
The best form of lease structure is a share of the freehold. In this situation the leaseholders have control and notwithstanding that a managing agent is frequently employed where it is bigger than a house conversion, the managing agent employed by the leaseholders.