Examples of recent questions relating to leasehold conveyancing in Fawley
There are only Fifty years left on my lease in Fawley. I need to get lease extension but my freeholder is absent. What are my options?
On the basis that 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 prove that you have done all that could be expected to locate the freeholder. On the whole an enquiry agent should be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Fawley.
I own a leasehold house in Fawley. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Fawley who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Fawley conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a long established estate agency in Fawley where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Fawley conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to appointing a Fawley conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Fawley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Fawley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
When it comes to leasehold conveyancing in Fawley what are the most frequent lease problems?
Leasehold conveyancing in Fawley is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
I am the registered owner of a leasehold flat in Fawley, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable flats in Fawley with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2101
With just 76 years unexpired we estimate the premium for your lease extension to range between £12,400 and £14,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered 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.
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