Recently asked questions relating to Cross Keys leasehold conveyancing
There are only Fifty years unexpired on my lease in Cross Keys. I need to get lease extension but my freeholder is absent. What are my options?
If you qualify, 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 or your lawyers have made all reasonable attempts to track down the landlord. For most situations a specialist may be helpful to try and locate and prepare a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Cross Keys.
I am looking at a couple of apartments in Cross Keys both have approximately fifty years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to appointing a Cross Keys conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Cross Keys conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Cross Keys conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions has the firm carried out in Cross Keys in the last year?
All being well we will complete the disposal of our £375000 maisonette in Cross Keys next Monday . The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Cross Keys?
Cross Keys conveyancing on leasehold apartments typically results in administration charges raised by management companies :
- Completing pre-contract questions
- Where consent is required before sale in Cross Keys
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Cross Keys lease unmortgageable?
Leasehold conveyancing in Cross Keys is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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 problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I am the registered owner of a ground floor flat in Cross Keys, conveyancing was carried out 4 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? Corresponding flats in Cross Keys with a long lease are worth £202,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2102
You have 78 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.