Questions and Answers: Flackwell Heath leasehold conveyancing
I am hoping to sign contracts shortly on a leasehold property in Flackwell Heath. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Flackwell Heath should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold house in Flackwell Heath. Conveyancing and Godiva Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Flackwell Heath who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Flackwell Heath conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, 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 looking at a two maisonettes in Flackwell Heath both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Flackwell Heath is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers 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 premises 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 Flackwell Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What advice can you give us when it comes to finding a Flackwell Heath conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Flackwell Heath conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Flackwell Heath 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 helpful:
- If they are not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Flackwell Heath with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Flackwell Heath can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
- Many landlords or managing agents in Flackwell Heath charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Flackwell Heath.
I purchased a leasehold flat in Flackwell Heath, conveyancing was carried out 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Flackwell Heath with a long lease are worth £270,000. The ground rent is £50 yearly. The lease ceases on 21st October 2088
With 67 years remaining on your lease we estimate the premium for your lease extension to span between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.