Frequently asked questions relating to Great Missenden leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Great Missenden. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Great Missenden - 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 am intending to sublet my leasehold flat in Great Missenden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Great Missenden do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have recently realised that I have 62 years left on my lease in Great Missenden. I need to extend my lease but my landlord is can not be found. What are my options?
If you qualify, 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. In some cases an enquiry agent may be useful to carry out a search and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Great Missenden.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Great Missenden. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Great Missenden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Great Missenden so you should seriously consider looking for a Great Missenden conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
Can you provide any top tips for leasehold conveyancing in Great Missenden from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Great Missenden can be bypassed where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
- The majority freeholders or managing agents in Great Missenden charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Great Missenden.
I acquired a leasehold flat in Great Missenden, conveyancing having been completed 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Great Missenden with a long lease are worth £198,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2088
You have 63 years unexpired we estimate the price of your lease extension to range between £19,000 and £22,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
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