Dunstable leasehold conveyancing Example Support Desk Enquiries
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Dunstable. I now want to get lease extension but my freeholder is missing. 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 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 prove that you or your lawyers have used your best endeavours to locate the landlord. On the whole a specialist should be useful to conduct investigations and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Dunstable.
I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Dunstable. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Dunstable are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Dunstable so you should seriously consider looking for a Dunstable conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Dunstable which have approximately fifty years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Dunstable is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less marketable. 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 premises 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 property 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 Dunstable conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Can you provide any advice for leasehold conveyancing in Dunstable from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Dunstable can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- Some Dunstable leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
All being well we will complete the disposal of our £300000 flat in Dunstable on Friday in a week. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Dunstable?
Dunstable conveyancing on leasehold flats typically involves fees being raised by managing agents :
- Answering pre-exchange enquiries
- Where consent is required before sale in Dunstable
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a leasehold flat in Dunstable, conveyancing having been completed 7 years ago. How much will my lease extension cost? Comparable properties in Dunstable with an extended lease are worth £170,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2090
With 65 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 as well as costs.
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 comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you 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.
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