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Examples of recent questions relating to leasehold conveyancing in Greystones

I am on look out for some leasehold conveyancing in Greystones. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is registered - and almost all are in Greystones - 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.

Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Greystones. I need to get lease extension but my landlord is missing. What options are available to me?

If 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 enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the freeholder. For most situations a specialist would be useful to try and locate 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 property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Greystones.

Estate agents have just been given the go-ahead to market my garden apartment in Greystones.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – what should I do?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Greystones. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Greystones are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Greystones so you should seriously consider looking for a Greystones conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority 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 comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

Can you provide any advice for leasehold conveyancing in Greystones with the purpose of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Greystones can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • Many freeholders or managing agents in Greystones charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Greystones.
  • Some Greystones leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Organising a replacement share certificate can be a lengthy formality and frustrates many a Greystones conveyancing deal. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • I purchased a studio flat in Greystones, conveyancing was carried out 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Greystones with an extended lease are worth £232,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2085

    With 60 years remaining on your lease the likely cost is going to range between £22,800 and £26,400 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Greystones