Common questions relating to Halstead leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years left on my lease in Halstead. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 Court. You will be obliged to demonstrate that you have used your best endeavours to locate the landlord. In some cases a specialist may be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Halstead.
Back In 2003, I bought a leasehold house in Halstead. Conveyancing and Barnsley Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Halstead who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Halstead conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two flats in Halstead which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Halstead is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Halstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete the disposal of our £275000 flat in Halstead in just under a week. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Halstead?
Halstead conveyancing on leasehold flats ordinarily results in fees being raised by managing agents :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Halstead
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Halstead lease unacceptable for security purposes?
Leasehold conveyancing in Halstead is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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 a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I am the registered owner of a basement flat in Halstead, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Halstead with over 90 years remaining are worth £228,000. The ground rent is £50 levied per year. The lease expires on 21st October 2095
With 71 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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