Great Dunmow leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Great Dunmow. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Great Dunmow - 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.
There are only 62 years left on my lease in Great Dunmow. I am keen to extend my lease but my landlord is missing. 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 submit an application 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 magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent may be helpful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Great Dunmow.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. 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 Great Dunmow. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Great Dunmow are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Great Dunmow so you should seriously consider looking for a Great Dunmow conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I've recently bought a leasehold property in Great Dunmow. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part 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 advice for leasehold conveyancing in Great Dunmow from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Great Dunmow can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
- The majority freeholders or managing agents in Great Dunmow charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Great Dunmow.
I inherited a 2 bed flat in Great Dunmow, conveyancing having been completed in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Great Dunmow with a long lease are worth £256,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2089
With 67 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 before seeking the advice of a professional.