Top Five Questions relating to Highcliffe leasehold conveyancing
I only have 62 years unexpired on my flat in Highcliffe. I am keen to get lease extension 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 apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Highcliffe.
I’m about to sell my 2 bed flat in Highcliffe.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 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. This will smooth the conveyancing process.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Highcliffe. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Highcliffe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Highcliffe so you should seriously consider looking for a Highcliffe conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I am looking at a couple of flats in Highcliffe both have in the region of 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Highcliffe. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
In relation to leasehold conveyancing in Highcliffe what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Highcliffe. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
I own a 1st floor flat in Highcliffe, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Corresponding flats in Highcliffe with over 90 years remaining are worth £168,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2095
You have 74 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.