Frampton Cotterell leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Frampton Cotterell. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Frampton Cotterell - 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 have recently realised that I have Sixty One years left on my flat in Frampton Cotterell. I need to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations a specialist should be useful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Frampton Cotterell.
Due to sign contracts shortly on a garden flat in Frampton Cotterell. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Frampton Cotterell should include some of the following:
- The total extent of the demise. This will be the flat itself but might include a roof space or basement if applicable.
I am a negotiator for a long established estate agent office in Frampton Cotterell where we see a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Frampton Cotterell conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 buyer.
Can you offer any advice when it comes to appointing a Frampton Cotterell conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Frampton Cotterell conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Frampton Cotterell 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?
I inherited a leasehold flat in Frampton Cotterell, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Frampton Cotterell with an extended lease are worth £241,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2071
With 50 years remaining on your lease we estimate the premium for your lease extension to span between £40,900 and £47,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.