Top Five Questions relating to Clacton On Sea leasehold conveyancing
I have recently realised that I have Seventy years remaining on my lease in Clacton On Sea. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
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 enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. In some cases an enquiry agent may be helpful to conduct investigations and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Clacton On Sea.
I am hoping to sign contracts shortly on a leasehold property in Clacton On Sea. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Clacton On Sea should include some of the following:
- Does the lease prohibit wood flooring?
I have just started marketing my garden apartment in Clacton On Sea.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – what should I do?
It best that you 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 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 attracted to a couple of apartments in Clacton On Sea which have about fifty years unexpired on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to appointing a Clacton On Sea conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Clacton On Sea conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Clacton On Sea conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions has the firm carried out in Clacton On Sea in the last twenty four months?
I bought a 1 bedroom flat in Clacton On Sea, conveyancing was carried out 8 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Clacton On Sea with an extended lease are worth £180,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2093
With 72 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt 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 based on this information without first getting professional advice.