Sample questions relating to Montpelier leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Montpelier. I now wish to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order 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 prove that you have done all that could be expected to locate the lessor. For most situations a specialist should be useful to try and locate and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Montpelier.
I am employed by a long established estate agency in Montpelier where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Montpelier conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as 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. This means 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 has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Can you provide any top tips for leasehold conveyancing in Montpelier with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Montpelier can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Montpelier leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor before hand.
If all goes to plan we aim to complete our sale of a £150000 flat in Montpelier in 10 days. The management company has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Montpelier?
Montpelier conveyancing on leasehold maisonettes more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Montpelier what are the most frequent lease defects?
Leasehold conveyancing in Montpelier is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Alliance & Leicester all have very detailed conveyancing instructions 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 purchaser to withdraw.
I own a split level flat in Montpelier, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Montpelier with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2076
With only 55 years remaining on your lease we estimate the premium for your lease extension to be between £26,600 and £30,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. 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 considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.