Huntingdon leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Huntingdon. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Huntingdon - 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 remaining on my flat in Huntingdon. I need to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, 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 enable the lease to be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the lessor. In some cases an enquiry agent may be helpful to carry out a search and to produce an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Huntingdon.
I’m about to sell my basement apartment in Huntingdon.Conveyancing has not commenced but I have just received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is 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 until 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've recently bought a leasehold flat in Huntingdon. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to appointing a Huntingdon conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Huntingdon conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Huntingdon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions have they completed in Huntingdon in the last twenty four months?
I invested in buying a garden flat in Huntingdon, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Huntingdon with an extended lease are worth £188,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2090
With 69 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.