Top Five Questions relating to Maldon leasehold conveyancing
I am in need of some leasehold conveyancing in Maldon. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Maldon - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Planning to sign contracts shortly on a basement flat in Maldon. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Maldon should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I am attracted to a couple of flats in Maldon which have approximately 50 years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I am employed by a long established estate agent office in Maldon where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Maldon conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 finding a Maldon conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Maldon conveyancing practice) it is imperative that he or she should 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 Maldon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
I purchased a studio flat in Maldon, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Maldon with over 90 years remaining are worth £187,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2093
With just 70 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.