Questions and Answers: Chesham Bois leasehold conveyancing
I am in need of some leasehold conveyancing in Chesham Bois. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Chesham Bois - 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.
I have recently realised that I have 62 years remaining on my lease in Chesham Bois. I now wish to extend my lease but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. In some cases a specialist should be helpful to try and locate and prepare an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Chesham Bois.
I have just started marketing my 2 bed flat in Chesham Bois.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 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. 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 maisonettes in Chesham Bois both have in the region of forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Chesham Bois is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chesham Bois conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete the sale of our £375000 garden flat in Chesham Bois in 8 days. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Chesham Bois?
Chesham Bois conveyancing on leasehold flats normally requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has little option but to pay whatever is demanded should you wish to complete the sale of your home.
Chesham Bois Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
You should be aware if it is no more than eighty years it will affect the marketability of the flat. Check with your bank that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering how much this will be. For most Chesham Boislease extensions you will be be obliged to have been the owner of the premises for 24 months in order to be legally able to extend the lease.
How many years remain on the lease?
Are there any major works in the near future that will likely add a premium to the service fees?