Newbury leasehold conveyancing Example Support Desk Enquiries
I only have 62 years left on my lease in Newbury. I am keen to extend my lease but my freeholder is absent. What are my options?
If 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 magistrate. However, you will be required to prove that you have used your best endeavours to track down the landlord. For most situations a specialist would be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Newbury.
Planning to sign contracts shortly on a leasehold property in Newbury. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newbury should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my ground floor apartment in Newbury.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – what should I do?
The sensible thing to do is pay the invoice 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Newbury. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Newbury who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Newbury conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of flats in Newbury both have approximately 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Newbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a ground floor flat in Newbury, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Newbury with an extended lease are worth £205,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2092
With just 71 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other 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 without first getting professional advice.