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Common questions relating to Knotty Ash leasehold conveyancing

I am on look out for some leasehold conveyancing in Knotty Ash. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Knotty Ash - then the leasehold title will always include the short particulars 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.

Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Knotty Ash. I now wish to extend my lease but my freeholder is absent. What are my options?

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 Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases a specialist should be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Knotty Ash.

I am looking at a two apartments in Knotty Ash both have in the region of 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Knotty Ash is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Knotty Ash conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a long established estate agency in Knotty Ash where we see a few flat sales put at risk as a result of short leases. I have been given contradictory information from local Knotty Ash conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease 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. This means that the buyer need not have 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 simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Do you have any advice for leasehold conveyancing in Knotty Ash with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Knotty Ash can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • The majority landlords or Management Companies in Knotty Ash charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Knotty Ash.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Knotty Ash leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the consents in place you should not communicate with the landlord without contacting your solicitor before hand.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Knotty Ash conveyancing transaction. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • I purchased a basement flat in Knotty Ash, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Knotty Ash with a long lease are worth £173,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2102

    With just 77 years left to run the likely cost is going to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Knotty Ash