Newton Aycliffe leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Newton Aycliffe. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Newton Aycliffe - then the leasehold title will always include the basic details 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 only have Seventy years remaining on my flat in Newton Aycliffe. I now want to get lease extension but my freeholder is absent. What options are available to me?
On the basis that 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 extended by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the landlord. In some cases a specialist would be helpful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Newton Aycliffe.
I am a negotiator for a long established estate agency in Newton Aycliffe where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Newton Aycliffe conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 advice for leasehold conveyancing in Newton Aycliffe with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Newton Aycliffe can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
- The majority freeholders or Management Companies in Newton Aycliffe charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Newton Aycliffe.
We expect to complete our sale of a £475000 flat in Newton Aycliffe on Friday in a week. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Newton Aycliffe?
Newton Aycliffe conveyancing on leasehold maisonettes often requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content 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 over three hundred pounds, in some cases it is above £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Newton Aycliffe Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Is the freehold reversion owned jointly by the tenants?
Best to be warned whether window replacement or some other major work is pending that will be shared amongst the tenants and will materially impact the level of the maintenance fees or result in a specific payment.
What is the annual maintenance fee and ground rent?