Lytchett Matravers leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have 62 years unexpired on my lease in Lytchett Matravers. I am keen to get lease extension but my landlord is missing. What options are available to me?
If 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the freeholder. For most situations a specialist should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Lytchett Matravers.
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Lytchett Matravers. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Lytchett Matravers are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Lytchett Matravers so you should seriously consider looking for a Lytchett Matravers conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Lytchett Matravers both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
I work for a long established estate agency in Lytchett Matravers where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Lytchett Matravers conveyancing firms. Could you confirm whether the vendor of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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.
All being well we will complete our sale of a £325000 maisonette in Lytchett Matravers in seven days. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Lytchett Matravers?
Lytchett Matravers conveyancing on leasehold flats often requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I purchased a 1 bedroom flat in Lytchett Matravers, conveyancing having been completed 10 years ago. 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? Equivalent properties in Lytchett Matravers with over 90 years remaining are worth £211,000. The ground rent is £50 yearly. The lease expires on 21st October 2075
With just 52 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.