Recently asked questions relating to Hanslope leasehold conveyancing
I am in need of some leasehold conveyancing in Hanslope. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Hanslope - 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 unexpired on my flat in Hanslope. I am keen to get lease extension but my freeholder is absent. What should I do?
If you meet the appropriate requirements, 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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. For most situations an enquiry agent may be helpful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Hanslope.
I’m about to sell my 2 bed flat in Hanslope.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – what should I do?
It best that you discharge 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 managing agents will not acknowledge the buyer unless 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 am attracted to a two apartments in Hanslope which have in the region of 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Hanslope is a wasting 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 property. The majority of buyers and mortgage companies, leases with less than 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 Hanslope conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Completion in due on the disposal of our £300000 garden flat in Hanslope next Friday . The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Hanslope?
For the majority of leasehold sales in Hanslope conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Hanslope
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a ground floor flat in Hanslope, conveyancing formalities finalised 1996. How much will my lease extension cost? Equivalent flats in Hanslope with over 90 years remaining are worth £200,000. The ground rent is £55 per annum. The lease ends on 21st October 2098
With 74 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
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