Duffield leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Duffield. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Duffield - then the leasehold title will always include the basic details 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.
There are only 62 years left on my flat in Duffield. I need to extend my lease 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 for permission 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 prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Duffield.
I work for a busy estate agency in Duffield where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Duffield conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you provide any advice for leasehold conveyancing in Duffield with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Duffield can be avoided 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 representatives.
- The majority landlords or managing agents in Duffield charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Duffield.
What makes a Duffield lease problematic?
There is nothing unique about leasehold conveyancing in Duffield. All leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a split level flat in Duffield, conveyancing formalities finalised in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Duffield with a long lease are worth £269,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2103
With 80 years unexpired the likely cost is going to be between £12,400 and £14,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.