Examples of recent questions relating to leasehold conveyancing in Halstead
I am in need of some leasehold conveyancing in Halstead. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Halstead - 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.
I only have Fifty years left on my lease in Halstead. I need to extend my lease but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, 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 enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to locate the landlord. On the whole an enquiry agent may be useful to conduct investigations and prepare a report to be used as proof 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 Halstead.
Planning to exchange soon on a garden flat in Halstead. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Halstead should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
Completion in due on the sale of our £500000 maisonette in Halstead next week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Halstead?
Halstead conveyancing on leasehold flats often involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the charge is technically not due. In reality one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
What are the frequently found deficiencies that you see in leases for Halstead properties?
There is nothing unique about leasehold conveyancing in Halstead. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and Godiva Mortgages Ltd all have express requirements 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 buyer to pull out.
I purchased a basement flat in Halstead, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Halstead with an extended lease are worth £251,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2099
With only 79 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.