Recently asked questions relating to Market Weighton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Market Weighton. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Market Weighton - then the leasehold title will always include the short particulars 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.
Having checked my lease I have discovered that there are only 62 years left on my lease in Market Weighton. I need to get lease extension but my landlord is missing. What should I do?
On the basis that 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 extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. For most situations a specialist would be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Market Weighton.
My wife and I purchased a leasehold flat in Market Weighton. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Market Weighton who previously acted has now retired.Any advice?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Market Weighton conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Market Weighton which have approximately forty five years unexpired on the lease term. 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 the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
What advice can you give us when it comes to choosing a Market Weighton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Market Weighton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Market Weighton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions has the firm carried out in Market Weighton in the last year?
I own a 1 bedroom flat in Market Weighton, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Market Weighton with a long lease are worth £224,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2088
With 68 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.