Examples of recent questions relating to leasehold conveyancing in Lanchester
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Lanchester. I need to get lease extension but my freeholder is missing. What options are available to me?
On the basis that 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 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 demonstrate that you have done all that could be expected to track down the lessor. In some cases a specialist should be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Lanchester.
I have just started marketing my garden apartment in Lanchester.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – what should I do?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a leasehold flat in Lanchester. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Lanchester who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Lanchester conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Lanchester which have about forty five years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Lanchester 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 value of the property. The majority of buyers and banks, leases with under eighty years become less and less attractive. 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 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 premises 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 Lanchester 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 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.
Can you provide any advice for leasehold conveyancing in Lanchester from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Lanchester can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the buyers lawyers.
- Many freeholders or Management Companies in Lanchester charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Lanchester.
I bought a leasehold flat in Lanchester, conveyancing formalities finalised 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Lanchester with an extended lease are worth £192,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2095
With just 74 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered 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 without first seeking the advice of a professional.