Examples of recent questions relating to leasehold conveyancing in Mildmay
I have recently realised that I have 68 years left on my flat in Mildmay. I need to extend my lease but my freeholder is absent. 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 extended by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the freeholder. On the whole a specialist would be useful to carry out a search and to produce an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Mildmay.
I am attracted to a couple of maisonettes in Mildmay which have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. This is why 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 such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I work for a long established estate agent office in Mildmay where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Mildmay conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 advice can you give us when it comes to finding a Mildmay conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Mildmay conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Mildmay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Mildmay who can give a testimonial?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375000 maisonette in Mildmay on Friday in a week. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Mildmay?
Mildmay conveyancing on leasehold maisonettes often requires the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
Mildmay Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
Plenty Mildmay leasehold properties will have a service bill for the upkeep of the block set by the landlord. If you buy the flat you will have to meet this liability, usually in instalments accross the year. This could vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent for you to pay yearly, normally this is not a large figure, say approximately £25-£75 but you need to enquire it because on occasion it could be many hundreds of pounds.
How many of the leaseholders are in arrears for their maintenance charge payments?
Is the freehold owned jointly by the tenants?