Recently asked questions relating to Great Linford leasehold conveyancing
There are only 62 years unexpired on my flat in Great Linford. I need to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you qualify, 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. In some cases a specialist should be helpful to try and locate and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Great Linford.
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 all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Great Linford. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Great Linford 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 buying in Great Linford in which case you should be shopping around for a Great Linford conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am looking at a couple of maisonettes in Great Linford both have approximately forty five years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Great Linford where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Great Linford conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 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.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
What makes a Great Linford lease problematic?
Leasehold conveyancing in Great Linford is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I inherited a garden flat in Great Linford, conveyancing having been completed 2004. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Great Linford with an extended lease are worth £244,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2097
You have 72 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
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