Gorleston leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have 68 years left on my lease in Gorleston. I now want to extend my lease but my landlord is can not be found. What options are available to me?
If 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 extended by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist would be useful to try and locate and to produce an expert document to 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 both on proving the landlord’s absence and the vesting order request to the County Court covering Gorleston.
Planning to complete next month on a garden flat in Gorleston. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Gorleston should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I own a leasehold flat in Gorleston. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Gorleston who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Gorleston conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Gorleston both have in the region of fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Gorleston. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a long established estate agency in Gorleston where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Gorleston conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process 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 kick-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 needs to be completed prior to, or simultaneously with 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 bought a 1 bedroom flat in Gorleston, conveyancing was carried out in 2003. Can you work out an approximate cost of a lease extension? Comparable flats in Gorleston with an extended lease are worth £235,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2083
With 58 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered 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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