Kelsall leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Kelsall. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Kelsall - 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 only have Fifty years unexpired on my lease in Kelsall. I am keen to extend my lease but my landlord is can not be found. What are my options?
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 mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. On the whole a specialist may be useful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. 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 Kelsall.
Expecting to exchange soon on a ground floor flat in Kelsall. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kelsall should include some of the following:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a couple of flats in Kelsall which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Kelsall. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I work for a long established estate agency in Kelsall where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Kelsall conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
I am the registered owner of a 2 bed flat in Kelsall, conveyancing was carried out 2012. How much will my lease extension cost? Equivalent flats in Kelsall with a long lease are worth £242,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2088
With 66 years unexpired we estimate the price of your lease extension to range between £15,200 and £17,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.