Sample questions relating to Long Itchington leasehold conveyancing
I only have 72 years unexpired on my lease in Long Itchington. I need to get lease extension but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, 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 extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. For most situations an enquiry agent may be useful to conduct investigations and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Long Itchington.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Long Itchington. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Long Itchington ?
Most houses in Long Itchington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Long Itchington in which case you should be shopping around for a Long Itchington conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Long Itchington which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Long Itchington is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under 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 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 property 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 Itchington 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I work for a reputable estate agency in Long Itchington where we see a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Long Itchington conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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.
Completion in due on the sale of our £275000 flat in Long Itchington next week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Long Itchington?
Long Itchington conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I inherited a split level flat in Long Itchington, conveyancing having been completed in 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Long Itchington with an extended lease are worth £256,000. The ground rent is £55 yearly. The lease expires on 21st October 2075
You have 50 years left to run we estimate the price of your lease extension to be between £33,300 and £38,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
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