Examples of recent questions relating to leasehold conveyancing in Flitwick
I have recently realised that I have 62 years unexpired on my flat in Flitwick. I now wish 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. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. In some cases an enquiry agent may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Flitwick.
Due to complete next month on a studio apartment in Flitwick. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Flitwick should include some of the following:
- Setting out your rights in respect of the communal areas in the building.By way of example, does the lease contain a right of way over a path or staircase?
- Does the lease prohibit wood flooring?
- Will you be prohibited or prevented from having pets in the property?
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- Whether your lease has a provision for a reserve fund?
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I’m about to sell my ground floor flat in Flitwick.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've recently bought a leasehold flat in Flitwick. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any top tips for leasehold conveyancing in Flitwick with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Flitwick can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Flitwick leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such alterations. Where you dont have the paperwork to hand do not contact the landlord without contacting your lawyer first.
- Some Flitwick leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
- If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
- If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Obtaining a replacement share certificate can be a lengthy process and frustrates many a Flitwick home move. If a duplicate share is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
I purchased a split level flat in Flitwick, conveyancing having been completed in 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Flitwick with a long lease are worth £228,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2099
You have 73 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 plus costs.
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 tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.