Frequently asked questions relating to Cross Hands leasehold conveyancing
I only have Sixty One years unexpired on my lease in Cross Hands. I need to extend my lease but my landlord is missing. 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 mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. In some cases an enquiry agent may be helpful to conduct investigations and prepare a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Cross Hands.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Cross Hands. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Cross Hands ?
The majority of houses in Cross Hands are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Cross Hands in which case you should be looking for a Cross Hands conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
I am attracted to a couple of flats in Cross Hands which have about 50 years left on the leases. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
What advice can you give us when it comes to choosing a Cross Hands conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Cross Hands conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Cross Hands conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
Are there common deficiencies that you see in leases for Cross Hands properties?
There is nothing unique about leasehold conveyancing in Cross Hands. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I own a split level flat in Cross Hands, conveyancing having been completed 2005. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cross Hands with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2101
With 78 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.