Kings Norton leasehold conveyancing: Q and A’s
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Kings Norton. I now want to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, 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 lengthened by the Court. However, you will be required to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent may be useful to conduct investigations and prepare 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 devolving into the landlord’s disappearance and the application to the County Court overseeing Kings Norton.
I am hoping to complete next month on a ground floor flat in Kings Norton. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Kings Norton should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I am attracted to a two flats in Kings Norton both have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Kings Norton. The lease is a right to use the property for a period of time. As the lease gets shorter the marketability 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. It is often 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 advise that you seek professional help from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold flat in Kings Norton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
If all goes to plan we aim to complete the disposal of our £400000 maisonette in Kings Norton in just under a week. The freeholder has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Kings Norton?
Kings Norton conveyancing on leasehold apartments more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to assist. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a basement flat in Kings Norton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Kings Norton with a long lease are worth £262,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2077
With just 55 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 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. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
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