Common questions relating to Cookham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Cookham. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Cookham - 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 68 years remaining on my flat in Cookham. I now want to get lease extension but my landlord is absent. 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 lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. In some cases an enquiry agent should be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Cookham.
I am attracted to a couple of apartments in Cookham which have about fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Cookham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under eighty 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 premises 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 Cookham 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.
Do you have any advice for leasehold conveyancing in Cookham with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Cookham can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Cookham leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the approvals in place do not contact the landlord without contacting your solicitor before hand.
All being well we will complete the sale of our £375000 apartment in Cookham next Tuesday . The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Cookham?
Cookham conveyancing on leasehold flats nine out of ten times results in administration charges invoiced by managing agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Cookham
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a studio flat in Cookham, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Cookham with over 90 years remaining are worth £168,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2085
You have 65 years remaining on your lease the likely cost is going to span between £14,300 and £16,400 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.