Top Five Questions relating to Hurst leasehold conveyancing
There are only Sixty One years remaining on my lease in Hurst. I need to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent should be useful to conduct investigations and to produce a report which can be used as proof that the landlord 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 Hurst.
I am tempted by the attractive purchase price for a couple of apartments in Hurst both have about forty five years unexpired on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to appointing a Hurst conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Hurst conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Hurst conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions have they completed in Hurst in the last year?
We expect to complete the disposal of our £475000 garden flat in Hurst in just under a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Hurst?
For most leasehold sales in Hurst conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Hurst
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Hurst lease unmortgageable?
Leasehold conveyancing in Hurst is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Aldermore all have express conveyancing instructions 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 buyer to pull out.
I bought a 1st floor flat in Hurst, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Hurst with over 90 years remaining are worth £223,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ends on 21st October 2097
You have 72 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure 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 comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
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