Common questions relating to Millom leasehold conveyancing
There are only 72 years remaining on my lease in Millom. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent may be useful to carry out a search and to produce an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Millom.
I have just appointed agents to market my 2 bed apartment in Millom.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the service charge 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 unless 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.
I work for a long established estate agency in Millom where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Millom conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 buyer.
What advice can you give us when it comes to appointing a Millom conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Millom conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Millom conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
Can you provide any top tips for leasehold conveyancing in Millom with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Millom can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or Management Companies in Millom levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Millom.
I own a 1st floor flat in Millom, conveyancing having been completed 2012. How much will my lease extension cost? Similar properties in Millom with an extended lease are worth £236,000. The ground rent is £65 yearly. The lease expires on 21st October 2092
You have 71 years left to run the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.