Long Hanborough leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Long Hanborough. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Long Hanborough - 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 own a leasehold flat in Long Hanborough. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Long Hanborough who previously acted has long since retired.Any advice?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Long Hanborough conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, 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 Long Hanborough which have approximately forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Long Hanborough is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Long Hanborough 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 the agreed 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.
What are your top tips when it comes to finding a Long Hanborough conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Long Hanborough conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Long Hanborough conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £425000 maisonette in Long Hanborough next Tuesday . The management company has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Long Hanborough?
For most leasehold sales in Long Hanborough conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Long Hanborough
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a 2 bed flat in Long Hanborough, conveyancing having been completed in 1999. Can you work out an approximate cost of a lease extension? Similar flats in Long Hanborough with over 90 years remaining are worth £166,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2088
You have 63 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
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