Frequently asked questions relating to Farnham Common leasehold conveyancing
I am on look out for some leasehold conveyancing in Farnham Common. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Farnham Common - 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.
I only have Seventy years remaining on my flat in Farnham Common. I now want to get lease extension but my landlord is missing. 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. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations a specialist may be helpful to try and locate and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Farnham Common.
I am hoping to exchange soon on a ground floor flat in Farnham Common. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Farnham Common should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am tempted by the attractive purchase price for a two flats in Farnham Common both have in the region of forty five years remaining on the leases. should I be concerned?
There are plenty of short leases in Farnham Common. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a busy estate agency in Farnham Common where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Farnham Common conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I acquired a 1 bedroom flat in Farnham Common, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Farnham Common with over 90 years remaining are worth £232,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2086
With only 63 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing 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 other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.