Common questions relating to Laindon leasehold conveyancing
I am in need of some leasehold conveyancing in Laindon. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Laindon - 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 Fifty years remaining on my lease in Laindon. I now want to extend my lease but my landlord is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have used your best endeavours to track down the freeholder. On the whole a specialist should be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Laindon.
I am looking at a two apartments in Laindon both have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Laindon is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Laindon 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 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.
What are your top tips when it comes to choosing a Laindon conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Laindon conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Laindon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Completion in due on the disposal of our £300000 garden flat in Laindon next week. The management company has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Laindon?
Laindon conveyancing on leasehold maisonettes usually necessitates administration charges levied by management companies :
- Addressing pre-contract enquiries
- Where consent is required before sale in Laindon
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Laindon - Examples of Queries Prior to Purchasing
Be sure to find out if there are any onerous prohibitions in the lease. For instance it is very common in Laindon leases that pets are not permitted in in a block in Laindon. If you like the apartmentin Laindon however your cat is not allowed to make the move with you then you will be faced hard compromise.
Who manages the block?
It is important to be aware whether changing the roof or some other major work is coming up to be shared between the leasehold owners and will materially increase the the service charges or necessitate a specific payment.