Frequently asked questions relating to Kemp Town leasehold conveyancing
I only have 62 years unexpired on my lease in Kemp Town. I am keen to extend my lease but my landlord is can not be found. What should I do?
If 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 extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. In some cases an enquiry agent would be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Kemp Town.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Kemp Town. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Kemp Town ?
Most houses in Kemp Town are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Kemp Town in which case you should be looking for a Kemp Town conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
My wife and I purchased a leasehold flat in Kemp Town. Conveyancing and Chelsea Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Kemp Town who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Kemp Town conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two maisonettes in Kemp Town which have about fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Kemp Town. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to finding a Kemp Town conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Kemp Town conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Kemp Town conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
I acquired a studio flat in Kemp Town, conveyancing was carried out in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Kemp Town with over 90 years remaining are worth £234,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2100
With only 77 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.