Questions and Answers: Kirkby Stephen leasehold conveyancing
There are only 72 years remaining on my lease in Kirkby Stephen. I now want to get lease extension but my freeholder is missing. What options are available to me?
If 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 mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist would be helpful to carry out a search and to produce a report which can be accepted by the court as proof 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 application to the County Court overseeing Kirkby Stephen.
Planning to exchange soon on a garden flat in Kirkby Stephen. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Kirkby Stephen should include some of the following:
- You should receive a copy of the lease
I work for a long established estate agency in Kirkby Stephen where we see a few flat sales derailed due to short leases. I have been given conflicting advice from local Kirkby Stephen conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Can you offer any advice when it comes to appointing a Kirkby Stephen conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Kirkby Stephen conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Kirkby Stephen conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions has the firm carried out in Kirkby Stephen in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Kirkby Stephen from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Kirkby Stephen can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Kirkby Stephen state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Where you dont have the consents in place you should not contact the landlord without checking with your lawyer in advance.
I invested in buying a split level flat in Kirkby Stephen, conveyancing having been completed 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Kirkby Stephen with an extended lease are worth £268,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2089
With 69 years left to run the likely cost is going to span between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.