Questions and Answers: Chellaston leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Chellaston. I need to extend my lease but my landlord is can not be found. What should I do?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the landlord. On the whole an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Chellaston.
I am tempted by the attractive purchase price for a two maisonettes in Chellaston which have in the region of forty five years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Chellaston. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Chellaston from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chellaston can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers lawyers.
- Many freeholders or managing agents in Chellaston charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Chellaston.
All being well we will complete the sale of our £150000 apartment in Chellaston in just under a week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Chellaston?
Chellaston conveyancing on leasehold maisonettes normally results in administration charges levied by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Chellaston
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Chellaston Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
What is the annual service fee and ground rent?
Please inform me if there are any major works in the near future that will likely add a premium to the service fees?
What prohibitions are contained in the Chellaston Lease?