Little Burstead leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Little Burstead. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Little Burstead - 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 remaining on my lease in Little Burstead. I now want to extend my lease but my landlord is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. For most situations a specialist may be helpful to conduct investigations and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Little Burstead.
Due to sign contracts shortly on a leasehold property in Little Burstead. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Little Burstead should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am a negotiator for a long established estate agency in Little Burstead where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Little Burstead conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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 top tips for leasehold conveyancing in Little Burstead with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Little Burstead can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- Some Little Burstead leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I bought a 1st floor flat in Little Burstead, conveyancing was carried out 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Little Burstead with an extended lease are worth £250,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078
With only 55 years left to run we estimate the price of your lease extension to range between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. 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 taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.