Frequently asked questions relating to Houghton Regis leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years left on my flat in Houghton Regis. I now wish to get lease extension but my landlord is can not be found. What are my options?
If 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 extended by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Houghton Regis.
Back In 2007, I bought a leasehold house in Houghton Regis. Conveyancing and Yorkshire Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Houghton Regis who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Houghton Regis conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two apartments in Houghton Regis which have in the region of 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Houghton Regis is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat 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 property 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 Houghton Regis 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.
Can you offer any advice when it comes to choosing a Houghton Regis conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Houghton Regis conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Houghton Regis conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions have they completed in Houghton Regis in the last twenty four months?
We expect to complete the sale of our £275000 garden flat in Houghton Regis in just under a week. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Houghton Regis?
Houghton Regis conveyancing on leasehold apartments ordinarily necessitates administration charges levied by freeholders :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Houghton Regis
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Houghton Regis - Sample of Questions you should consider before Purchasing
What is the name of the managing agents?
On the whole the cost for major works tend not to be included within service charges, albeit that a few managing agents in Houghton Regis ask tenants to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.
Can you inform me if there are any major works on the horizon that could add a premium to the service fees?