Common questions relating to Looe leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years left on my lease in Looe. I am keen to get lease extension but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. For most situations a specialist should be helpful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Looe.
Planning to exchange soon on a basement flat in Looe. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Looe should include some of the following:
- The physical extent of the premises. This will be the flat itself but may incorporate a loft or basement if applicable.
I own a leasehold house in Looe. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Looe who acted for me is not around.Do I pay?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Looe conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agent office in Looe where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Looe conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
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. 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 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 purchaser.
What are your top tips when it comes to appointing a Looe conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Looe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Looe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If they are not ALEP accredited then what is the reason?
I inherited a studio flat in Looe, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Looe with an extended lease are worth £212,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2086
With just 63 years remaining on your lease we estimate the price of your lease extension to span between £18,100 and £20,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.