Questions and Answers: Failsworth leasehold conveyancing
I am on look out for some leasehold conveyancing in Failsworth. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Failsworth - 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 lease in Failsworth. 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 submit an application 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. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist may be useful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Failsworth.
My wife and I purchased a leasehold flat in Failsworth. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Failsworth who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Failsworth conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a long established estate agency in Failsworth where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Failsworth conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.
Can you provide any top tips for leasehold conveyancing in Failsworth from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Failsworth can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Failsworth charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack 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 usual reason for frustration in leasehold conveyancing in Failsworth.
I inherited a studio flat in Failsworth, conveyancing having been completed 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Failsworth with over 90 years remaining are worth £215,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2084
You have 60 years remaining on your lease the likely cost is going to span between £23,800 and £27,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.