Examples of recent questions relating to leasehold conveyancing in Looe
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Looe. I now want to extend my lease but my landlord is can not be found. What are my options?
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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the lessor. On the whole a specialist should be useful to carry out a search and to produce a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Looe.
Last month I purchased a leasehold house in Looe. Am I liable to pay service charges for periods before completion of my purchase?
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. A critical element 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).
I work for a busy estate agent office in Looe where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Looe conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.
What are your top tips when it comes to finding a Looe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Looe conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Looe conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Looe from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Looe can be reduced if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers representatives.
- The majority landlords or managing agents in Looe charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Looe.
I acquired a split level flat in Looe, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Looe with over 90 years remaining are worth £218,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2082
With just 62 years remaining on your lease we estimate the price of your lease extension to be between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.