Questions and Answers: Maulden leasehold conveyancing
I have recently realised that I have 62 years unexpired on my lease in Maulden. I now want to get lease extension but my landlord is can not be found. What are my options?
If you qualify, 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 enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. In some cases an enquiry agent would be helpful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. 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 overseeing Maulden.
Looking forward to exchange soon on a studio apartment in Maulden. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Maulden should include some of the following:
- You must be told what constitutes a Nuisance in the lease
Estate agents have just been given the go-ahead to market my ground floor flat in Maulden.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Do you have any advice for leasehold conveyancing in Maulden with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Maulden can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or managing agents in Maulden levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Maulden.
What are the common defects that you come across in leases for Maulden properties?
There is nothing unique about leasehold conveyancing in Maulden. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I bought a ground floor flat in Maulden, conveyancing was carried out in 2004. How much will my lease extension cost? Equivalent properties in Maulden with a long lease are worth £235,000. The average or mid-range amount of ground rent is £60 per annum. The lease runs out on 21st October 2080
With only 59 years left to run we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.