Top Five Questions relating to Hyde leasehold conveyancing
I only have 72 years unexpired on my flat in Hyde. I now wish to extend my lease but my freeholder is can not be found. What should I do?
If you qualify, 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 granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. In some cases a specialist may be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Hyde.
Looking forward to complete next month on a leasehold property in Hyde. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hyde should include some of the following:
- You should receive a copy of the lease
I’m about to sell my 2 bed apartment in Hyde.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 unless 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. This will smooth the conveyancing process.
My wife and I purchased a leasehold house in Hyde. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Hyde who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Hyde conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note 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.
In relation to leasehold conveyancing in Hyde what are the most common lease defects?
Leasehold conveyancing in Hyde is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Royal Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I bought a basement flat in Hyde, conveyancing formalities finalised in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Hyde with over 90 years remaining are worth £252,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease terminates on 21st October 2082
With only 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.