Common questions relating to Hilton leasehold conveyancing
I am in need of some leasehold conveyancing in Hilton. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Hilton - then the leasehold title will always include the basic details 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 68 years left on my lease in Hilton. I now want to get lease extension but my landlord is can not be found. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent should 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 property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Hilton.
Back In 2006, I bought a leasehold flat in Hilton. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Hilton who acted for me is not around.Any advice?
First contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Hilton conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any advice for leasehold conveyancing in Hilton with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hilton can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- The majority freeholders or managing agents in Hilton charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Hilton.
In relation to leasehold conveyancing in Hilton what are the most common lease problems?
Leasehold conveyancing in Hilton is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- 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 will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Coventry Building Society, and Aldermore 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 is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I am the registered owner of a 1st floor flat in Hilton, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Hilton with over 90 years remaining are worth £241,000. The ground rent is £50 yearly. The lease runs out on 21st October 2083
With only 62 years unexpired we estimate the price of your lease extension to range between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.