Common questions relating to Hale Barns leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Hale Barns. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and almost all are in Hale Barns - then the leasehold title will always include the short particulars 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 72 years left on my lease in Hale Barns. I am keen to get lease extension but my freeholder is can not be found. What are my options?
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 lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. On the whole a specialist would be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Hale Barns.
I own a leasehold house in Hale Barns. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Hale Barns who previously acted has long since retired.Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Hale Barns conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in Hale Barns from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Hale Barns can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
- Many landlords or managing agents in Hale Barns levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hale Barns.
Are there common problems that you see in leases for Hale Barns properties?
Leasehold conveyancing in Hale Barns is not unique. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed 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 buyer to pull out.
I invested in buying a basement flat in Hale Barns, conveyancing having been completed in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Hale Barns with an extended lease are worth £251,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2093
With 69 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.