Questions and Answers: Grasmere leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Grasmere. I now want to extend my lease but my freeholder is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. In some cases an enquiry agent may be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Grasmere.
Expecting to complete next month on a ground floor flat in Grasmere. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Grasmere 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Grasmere. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Grasmere ?
The majority of houses in Grasmere are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Grasmere in which case you should be shopping around for a Grasmere conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two apartments in Grasmere which have approximately forty five years unexpired on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
If all goes to plan we aim to complete the sale of our £275000 maisonette in Grasmere in 10 days. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Grasmere?
Grasmere conveyancing on leasehold maisonettes usually requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I acquired a leasehold flat in Grasmere, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Grasmere with a long lease are worth £167,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2072
With only 51 years unexpired we estimate the premium for your lease extension to be between £34,200 and £39,600 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.