Recently asked questions relating to Longhope leasehold conveyancing
I have recently realised that I have 62 years unexpired on my flat in Longhope. I am keen to extend my lease but my landlord is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 made all reasonable attempts to find the landlord. For most situations an enquiry agent should be helpful to try and locate and prepare a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Longhope.
Due to sign contracts shortly on a garden flat in Longhope. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Longhope should include some of the following:
- You should be sent a copy of the lease
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Longhope. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Longhope are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Longhope in which case you should be looking for a Longhope conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
I am looking at a two apartments in Longhope which have about 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Longhope. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
I am a negotiator for a reputable estate agency in Longhope where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Longhope conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I bought a leasehold flat in Longhope, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Longhope with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2086
With just 66 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.