Sample questions relating to Ilfracombe leasehold conveyancing
I have recently realised that I have 62 years remaining on my lease in Ilfracombe. I need to extend my lease but my freeholder 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 submit an application 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 magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. In some cases an enquiry agent may be useful to carry out a search and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Ilfracombe.
Due to sign contracts shortly on a ground floor flat in Ilfracombe. Conveyancing solicitors inform 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 Ilfracombe should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I have just appointed agents to market my garden flat in Ilfracombe.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge the service charge 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 am attracted to a two apartments in Ilfracombe both have about forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Ilfracombe. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
What advice can you give us when it comes to appointing a Ilfracombe conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Ilfracombe conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Ilfracombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I inherited a 2 bed flat in Ilfracombe, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Ilfracombe with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2073
With only 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.