Examples of recent questions relating to leasehold conveyancing in Fenny Stratford
There are only Sixty One years left on my lease in Fenny Stratford. I need to extend my lease but my freeholder 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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the lessor. In some cases a specialist should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Fenny Stratford.
Looking forward to sign contracts shortly on a studio apartment in Fenny Stratford. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fenny Stratford should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I own a leasehold house in Fenny Stratford. Conveyancing and Britannia mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Fenny Stratford who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Fenny Stratford conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Fenny Stratford both have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Fenny Stratford. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I am a negotiator for a long established estate agent office in Fenny Stratford where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Fenny Stratford conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 buyer.
I inherited a 1 bedroom flat in Fenny Stratford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Fenny Stratford with over 90 years remaining are worth £266,000. The ground rent is £60 yearly. The lease finishes on 21st October 2089
With only 65 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 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 in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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