Common questions relating to Marlow leasehold conveyancing
There are only Seventy years left on my flat in Marlow. I now wish to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. On the whole an enquiry agent should be useful to conduct investigations and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Marlow.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Marlow. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Marlow are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Marlow in which case you should be looking for a Marlow conveyancing solicitor and check that they have experience in 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 will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
What are your top tips when it comes to choosing a Marlow conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Marlow conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Marlow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Marlow with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Marlow can be bypassed where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Marlow leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
In relation to leasehold conveyancing in Marlow what are the most frequent lease problems?
Leasehold conveyancing in Marlow is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a 2 bed flat in Marlow, conveyancing was carried out in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Marlow with over 90 years remaining are worth £203,000. The ground rent is £60 yearly. The lease finishes on 21st October 2095
With just 70 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
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