Common questions relating to Ruxley leasehold conveyancing
I am on look out for some leasehold conveyancing in Ruxley. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Ruxley - then the leasehold title will always include the basic details 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.
I only have Seventy years left on my lease in Ruxley. I now wish to get lease extension 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 apply to the County Court for an order 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 demonstrate that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist may be useful to conduct investigations and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court overseeing Ruxley.
I am attracted to a couple of maisonettes in Ruxley both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agency in Ruxley where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Ruxley conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 at the same time as 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 buyer.
Can you offer any advice when it comes to appointing a Ruxley conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Ruxley conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Ruxley 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:
- If they are not ALEP accredited then what is the reason?
I have given up negotiating a lease extension in Ruxley. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Ruxley conveyancing firm who can help.
An example of a Lease Extension decision for a Ruxley property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.