Frequently asked questions relating to Moor Row leasehold conveyancing
There are only Sixty One years remaining on my flat in Moor Row. I now wish to extend my lease but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court covering Moor Row.
I have just started marketing my 2 bed apartment in Moor Row.Conveyancing has not commenced but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you pay 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 am looking at a couple of apartments in Moor Row both have in the region of forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Moor Row. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Moor Row. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to finding a Moor Row conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Moor Row conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Moor Row conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions has the firm carried out in Moor Row in the last twenty four months?
I am the registered owner of a leasehold flat in Moor Row, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Moor Row with an extended lease are worth £206,000. The ground rent is £65 yearly. The lease ceases on 21st October 2078
With only 54 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
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