Frequently asked questions relating to Newton Aycliffe leasehold conveyancing
I have recently realised that I have 72 years left on my flat in Newton Aycliffe. I now wish to get lease extension but my landlord is absent. What should I do?
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. However, you will be required to prove that you or your lawyers have used your best endeavours to find the lessor. For most situations a specialist would be useful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Newton Aycliffe.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Newton Aycliffe. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Newton Aycliffe ?
The majority of houses in Newton Aycliffe are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Newton Aycliffe in which case you should be looking for a Newton Aycliffe conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
Last month I purchased a leasehold flat in Newton Aycliffe. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Completion in due on the sale of our £225000 maisonette in Newton Aycliffe next Thursday . The managing agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Newton Aycliffe?
Newton Aycliffe conveyancing on leasehold maisonettes usually necessitates administration charges raised by freeholders :
- Addressing pre-contract questions
- Where consent is required before sale in Newton Aycliffe
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found problems that you come across in leases for Newton Aycliffe properties?
Leasehold conveyancing in Newton Aycliffe is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I purchased a 1 bedroom flat in Newton Aycliffe, conveyancing was carried out 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Newton Aycliffe with a long lease are worth £235,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2097
With only 74 years left to run the likely cost is going to be between £10,500 and £12,000 plus professional fees.
The figure 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 investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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