Experts for Leasehold Conveyancing in Ladywood

Require a conveyancing quote from a solicitor for leasehold conveyancing in Ladywood on your lender’s panel? Make use of our search tool to find leading local Ladywood conveyancing practitioners or nationwide solicitors on your lender’s panel .

Common questions relating to Ladywood leasehold conveyancing

Having checked my lease I have discovered that there are only Fifty years left on my lease in Ladywood. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that 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. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole a specialist should be useful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Ladywood.

Planning to exchange soon on a studio apartment in Ladywood. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Ladywood should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The total extent of the premises. This will be the property itself but may include a roof space or basement if appropriate.
  • Does the lease prohibit wood flooring?
  • Are pets allowed in the flat?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Ladywood please ask your conveyancer in ahead of your conveyancing in Ladywood

  • Back In 2009, I bought a leasehold flat in Ladywood. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Ladywood who acted for me is not around.What should I do?

    First contact HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Ladywood conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am looking at a two flats in Ladywood which have in the region of 50 years unexpired on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Ladywood is a deteriorating 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 property. For most purchasers and banks, leases with under 75 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 Ladywood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

    Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375000 apartment in Ladywood next week. The management company has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Ladywood?

    Ladywood conveyancing on leasehold maisonettes usually necessitates fees being raised by management companies :

    • Addressing conveyancing due diligence questions
    • Where consent is required before sale in Ladywood
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Ladywood leasehold property is £350. For Ladywood conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

    I inherited a basement flat in Ladywood, conveyancing was carried out 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Ladywood with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ceases on 21st October 2094

    With just 73 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ladywood