Littleborough leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have 72 years unexpired on my lease in Littleborough. I now want to extend my lease but my landlord is absent. What should I do?
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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the freeholder. For most situations an enquiry agent would be helpful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Littleborough.
I am attracted to a couple of flats in Littleborough which have in the region of fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I am a negotiator for a busy estate agency in Littleborough where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Littleborough conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 sit tight for 2 years to extend their lease. 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 agree the lease extension with the freeholder 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 purchaser.
What are your top tips when it comes to choosing a Littleborough conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Littleborough conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Littleborough conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Littleborough from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Littleborough can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Littleborough leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such works. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer first.
Littleborough Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
The prefered form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this situation the lessees enjoy control and notwithstanding that a managing agent is frequently retained where the building is larger than a house conversion, the managing agent retained by the leaseholders.
The majority of Littleborough leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the landlord. Where you purchase the flat you will have to meet this contribution, usually in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a rentcharge to be met annual, normally this is not a significant sum, say about £50-£100 but you should to check it because on occasion it can be prohibitively expensive.
Are there any major works in the planning that could increase the service fees?