Fixed-fee leasehold conveyancing in Newton Aycliffe:

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Newton Aycliffe, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Newton Aycliffe leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Newton Aycliffe. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Newton Aycliffe - 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 62 years remaining on my flat in Newton Aycliffe. I now want to extend my lease but my landlord is absent. What options are available to me?

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 an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist would be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Newton Aycliffe.

I’m about to sell my basement apartment in Newton Aycliffe.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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 am employed by a long established estate agency in Newton Aycliffe where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Newton Aycliffe conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Newton Aycliffe with the aim of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Newton Aycliffe can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • Many landlords or Management Companies in Newton Aycliffe charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Newton Aycliffe.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate can be a time consuming process and slows down many a Newton Aycliffe home move. If a reissued share is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I invested in buying a 1 bedroom flat in Newton Aycliffe, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Comparable properties in Newton Aycliffe with a long lease are worth £257,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2079

    With 54 years unexpired the likely cost is going to range between £30,400 and £35,200 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Newton Aycliffe