Examples of recent questions relating to leasehold conveyancing in Lytchett Matravers
Having checked my lease I have discovered that there are only Seventy years left on my flat in Lytchett Matravers. I am keen to get lease extension but my freeholder is absent. What should I do?
If 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have used your best endeavours to locate the landlord. In some cases an enquiry agent may be helpful to carry out a search and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Lytchett Matravers.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently 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 Lytchett Matravers. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Lytchett Matravers ?
The majority of houses in Lytchett Matravers are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Lytchett Matravers in which case you should be shopping around for a Lytchett Matravers conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am looking at a couple of apartments in Lytchett Matravers which have in the region of forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Lytchett Matravers. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Lytchett Matravers. Do I have any liability for service charges for periods before my ownership?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any advice for leasehold conveyancing in Lytchett Matravers with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Lytchett Matravers can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in Lytchett Matravers charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Lytchett Matravers.
I inherited a split level flat in Lytchett Matravers, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Lytchett Matravers with over 90 years remaining are worth £195,000. The ground rent is £45 yearly. The lease runs out on 21st October 2077
You have 54 years remaining on your lease the likely cost is going to range between £28,500 and £33,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.