Fixed-fee leasehold conveyancing in Danescourt:

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Danescourt, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Danescourt leasehold conveyancing

I have recently realised that I have Seventy years remaining on my lease in Danescourt. I now wish to extend my lease but my freeholder is absent. What should I do?

If you meet the appropriate requirements, 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 lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. On the whole a specialist would be useful to conduct investigations and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Danescourt.

Back In 2003, I bought a leasehold flat in Danescourt. Conveyancing and Santander mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Danescourt who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Danescourt conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Danescourt which have approximately forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Danescourt is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 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 a residence 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 Danescourt conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 Danescourt with the aim of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Danescourt can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • Many freeholders or Management Companies in Danescourt charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Danescourt.
  • A minority of Danescourt leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Danescourt home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the common defects that you witness in leases for Danescourt properties?

    Leasehold conveyancing in Danescourt is not unique. Most leases are unique and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • 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 will 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. Nationwide Building Society, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Danescourt Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

      The answer will be useful as a) areas may result in problems for the block as the common areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will want to know about it Plenty Danescourt leasehold flats will have a service bill for maintenance of the block levied on behalf of the management company. If you buy the apartment you will have to pay this amount, normally in instalments accross the year. This could vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a rentcharge for you to pay yearly, ordinarily this is not a large sum, say around £25-£75 but you need to check as on occasion it can be surprisingly expensive. Best to be warned if changing the roof or some other major work is coming up to be shared by the tenants and will materially increase the the service costs or necessitate a specific invoice.

    Other Topics

    Lease Extensions in Danescourt