Quality lawyers for Leasehold Conveyancing in Huyton

When it comes to leasehold conveyancing in Huyton, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Lloyds, Yorkshire Building Society or Bradford & Bingley be sure to choose a lawyer on their approved list. Feel free to use our search tool

Frequently asked questions relating to Huyton leasehold conveyancing

I have recently realised that I have Sixty One years unexpired on my flat in Huyton. I now want to extend my lease but my freeholder is absent. What options are available to me?

If 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 extended by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the freeholder. In some cases a specialist may be useful to conduct investigations and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Huyton.

My wife and I purchased a leasehold house in Huyton. Conveyancing and Yorkshire Building Society mortgage went though with no issue. A letter has just been received 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 solicitor in Huyton who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Huyton conveyancing solicitor to do this as it can be done on-line for £3. 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.

I am looking at a two maisonettes in Huyton which have approximately forty five years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Huyton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. 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 a residence 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 Huyton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

I am employed by a busy estate agent office in Huyton where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Huyton conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any advice for leasehold conveyancing in Huyton with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Huyton can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
  • The majority freeholders or Management Companies in Huyton charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Huyton.
  • A minority of Huyton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • I own a 2 bed flat in Huyton, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Huyton with an extended lease are worth £214,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2092

    With just 68 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 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 supply the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Huyton