Recently asked questions relating to Hyde leasehold conveyancing
I am in need of some leasehold conveyancing in Hyde. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Hyde - then the leasehold title will always include the basic details 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 have recently realised that I have Seventy years remaining on my flat in Hyde. I now want to extend my lease but my freeholder is can not be found. What are my options?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the landlord. In some cases an enquiry agent would be helpful to try and locate and to produce an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Hyde.
I am attracted to a two maisonettes in Hyde which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Hyde is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Hyde conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.
What advice can you give us when it comes to choosing a Hyde conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Hyde conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Hyde conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
Completion in due on the sale of our £400000 garden flat in Hyde in 5 days. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Hyde?
Hyde conveyancing on leasehold maisonettes normally requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Hyde - Sample of Queries before Purchasing
Are any of leasehold owners in dispute over their service charge liability?
How is the lease structured?
Is anyone aware of any major works in the planning that could add a premium to the service fees?