Frequently asked questions relating to Long Eaton leasehold conveyancing
I am on look out for some leasehold conveyancing in Long Eaton. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Long Eaton - 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.
I have recently realised that I have 62 years remaining on my lease in Long Eaton. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Long Eaton.
My wife and I purchased a leasehold house in Long Eaton. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Long Eaton who acted for me is not around.What should I do?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Long Eaton conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a busy estate agency in Long Eaton where we have witnessed a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Long Eaton conveyancing solicitors. Can you shed some light as to whether the vendor 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 wait 2 years for a lease extension. 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.
An alternative approach is 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.
All being well we will complete the disposal of our £300000 garden flat in Long Eaton next Tuesday . The management company has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Long Eaton?
Long Eaton conveyancing on leasehold apartments normally requires the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.
I am the registered owner of a leasehold flat in Long Eaton, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Long Eaton with a long lease are worth £197,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2075
With just 55 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.