Questions and Answers: Nantwich leasehold conveyancing
I have recently realised that I have Fifty years left on my flat in Nantwich. I now wish to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. In some cases an enquiry agent would be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Nantwich.
Expecting to exchange soon on a leasehold property in Nantwich. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Nantwich should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I work for a long established estate agent office in Nantwich where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Nantwich conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process 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 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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 buyer.
Can you provide any top tips for leasehold conveyancing in Nantwich with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Nantwich can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or managing agents in Nantwich levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Nantwich.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £175000 apartment in Nantwich in nine days. The landlords agents has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Nantwich?
Nantwich conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may charge a reasonable charge 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 situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I own a 2 bed flat in Nantwich, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Nantwich with over 90 years remaining are worth £251,000. The ground rent is £45 per annum. The lease terminates on 21st October 2074
You have 52 years remaining on your lease we estimate the premium for your lease extension to range between £38,000 and £44,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.