Common questions relating to Maidenhead leasehold conveyancing
I only have Seventy years remaining on my flat in Maidenhead. I now wish to get lease extension but my freeholder is missing. What are my options?
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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole an enquiry agent may be useful to try and locate and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Maidenhead.
Looking forward to complete next month on a ground floor flat in Maidenhead. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Maidenhead should include some of the following:
- Defining your rights in respect of the communal areas in the building.For example, does the lease permit a right of way over an accessway or staircase?
Last month I purchased a leasehold house in Maidenhead. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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. 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).
I am a negotiator for a long established estate agent office in Maidenhead where we have experienced a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Maidenhead conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to finding a Maidenhead conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Maidenhead conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Maidenhead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
I own a basement flat in Maidenhead, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Maidenhead with over 90 years remaining are worth £258,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2093
With 71 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. 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 you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.