Questions and Answers: Cross Keys leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Cross Keys. I am keen to extend my lease but my freeholder is missing. What should I do?
On the basis that 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole a specialist may be useful to carry out a search and to produce a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Cross Keys.
Due to sign contracts shortly on a ground floor flat in Cross Keys. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Cross Keys should include some of the following:
- Does the lease prohibit wood flooring?
I am attracted to a couple of maisonettes in Cross Keys which have approximately 50 years unexpired on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you offer any advice 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 most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three 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 helpful:
- How many lease extensions has the firm carried out in Cross Keys in the last twenty four months?
Do you have any advice for leasehold conveyancing in Cross Keys with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cross Keys can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- Many landlords or managing agents in Cross Keys charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for 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 delay in leasehold conveyancing in Cross Keys.
I own a studio flat in Cross Keys, conveyancing formalities finalised 1995. Can you work out an approximate cost of a lease extension? Similar flats in Cross Keys with a long lease are worth £169,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2085
You have 60 years unexpired we estimate the premium for your lease extension to span between £22,800 and £26,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
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