Top Five Questions relating to Mortimer leasehold conveyancing
I am in need of some leasehold conveyancing in Mortimer. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Mortimer - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have recently realised that I have Sixty One years left on my lease in Mortimer. I now want to extend my lease but my freeholder is absent. What are my options?
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 extended by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. For most situations an enquiry agent would be helpful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the application to the County Court overseeing Mortimer.
I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Mortimer. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Mortimer are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Mortimer so you should seriously consider shopping around for a Mortimer conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am a negotiator for a busy estate agency in Mortimer where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Mortimer conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension process 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 commence 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 needs to be completed prior to, 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 finding a Mortimer conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Mortimer conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Mortimer conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
I invested in buying a 1st floor flat in Mortimer, conveyancing was carried out 2006. How much will my lease extension cost? Comparable flats in Mortimer with a long lease are worth £250,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2093
You have 70 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.