Frequently asked questions relating to Clophill leasehold conveyancing
I am in need of some leasehold conveyancing in Clophill. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Clophill - then the leasehold title will always include the short particulars 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 only have 62 years remaining on my flat in Clophill. I now wish to extend my lease but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. On the whole a specialist may be helpful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Clophill.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Clophill. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Clophill ?
The majority of houses in Clophill are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Clophill in which case you should be looking for a Clophill conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am employed by a long established estate agency in Clophill where we have experienced a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Clophill conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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 can avoid having 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 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Clophill with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Clophill can be avoided where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
- Many landlords or managing agents in Clophill levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Clophill.
I acquired a 2 bed flat in Clophill, conveyancing was carried out 2012. How much will my lease extension cost? Corresponding flats in Clophill with an extended lease are worth £268,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2093
With just 70 years unexpired we estimate the price of your lease extension to range between £12,400 and £14,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.