Fixed-fee leasehold conveyancing in Great Barford:

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Great Barford leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Great Barford. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Great Barford - 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 Seventy years remaining on my flat in Great Barford. I need to extend my lease but my freeholder is absent. What options are available to me?

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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent may be useful to try and locate and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Great Barford.

I am attracted to a couple of flats in Great Barford both have in the region of fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Great Barford is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 a residence 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 Great Barford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Can you offer any advice when it comes to finding a Great Barford conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Great Barford conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Great Barford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Great Barford who can give a testimonial?

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 apartment in Great Barford in just under a week. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Great Barford?

    Great Barford conveyancing on leasehold maisonettes usually results in administration charges invoiced by freeholders :

    • Answering conveyancing due diligence questions
    • Where consent is required before sale in Great Barford
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Great Barford leasehold premises is £350. For Great Barford conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

    I purchased a 1st floor flat in Great Barford, conveyancing having been completed in 1995. Can you work out an approximate cost of a lease extension? Equivalent properties in Great Barford with over 90 years remaining are worth £247,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2099

    With just 75 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Great Barford