Sample questions relating to March leasehold conveyancing
I have recently realised that I have 72 years remaining on my lease in March. I now want to extend my lease but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, 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 done all that could be expected to find the lessor. In some cases an enquiry agent would be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing March.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in March. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in March ?
The majority of houses in March are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in March in which case you should be shopping around for a March conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in March both have approximately forty five years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in March. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
What are your top tips when it comes to finding a March conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a March conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non March 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:
- If the firm is not ALEP accredited then what is the reason?
All being well we will complete our sale of a £450000 flat in March next Wednesday . The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in March?
March conveyancing on leasehold flats usually involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to sell the property.
Leasehold Conveyancing in March - Sample of Questions you should ask before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
Its a good idea to find out as much as possible regarding the company managing the block as they can either make your living at the property much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Enquire of other people whether they are happy with their management. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.
Does the lease include onerous restrictions?