Quality lawyers for Leasehold Conveyancing in Sudbury

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Examples of recent questions relating to leasehold conveyancing in Sudbury

I have recently realised that I have 68 years left on my lease in Sudbury. I need to get lease extension but my freeholder is can not be found. What are my options?

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 lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the lessor. In some cases a specialist may be useful to conduct investigations and prepare a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Sudbury.

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Sudbury. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Sudbury are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Sudbury in which case you should be shopping around for a Sudbury conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

Back In 2003, I bought a leasehold flat in Sudbury. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Sudbury who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Sudbury conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of flats in Sudbury both have about 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Sudbury is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with under eighty 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 property 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 a residence 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 Sudbury 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.

I've recently bought a leasehold house in Sudbury. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Sudbury. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Most certainly. We can put you in touch with a Sudbury conveyancing firm who can help.

An example of a Lease Extension case for a Sudbury premises is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case was in relation to 1 flat. The remaining number of years on the lease was 74 years.

Other Topics

Lease Extensions in Sudbury