Fixed-fee leasehold conveyancing in Newton Ferrers:

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Top Five Questions relating to Newton Ferrers leasehold conveyancing

I only have 72 years remaining on my flat in Newton Ferrers. I now wish to extend my lease but my landlord is absent. What are my options?

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 extended by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. On the whole a specialist would be useful to conduct investigations and to produce a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Newton Ferrers.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Newton Ferrers. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Newton Ferrers are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Newton Ferrers so you should seriously consider looking for a Newton Ferrers conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

I am attracted to a two flats in Newton Ferrers both have in the region of forty five years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Newton Ferrers is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 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 a residence 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 Newton Ferrers 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am a negotiator for a reputable estate agent office in Newton Ferrers where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Newton Ferrers conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner 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. The benefit of this is that the buyer can avoid having to wait 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 at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

What are your top tips when it comes to finding a Newton Ferrers conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Newton Ferrers conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Newton Ferrers conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Newton Ferrers who can give a testimonial?

  • Leasehold Conveyancing in Newton Ferrers - Sample of Questions you should consider before buying

      How many of the leaseholders are in arrears for their service charge payments? Best to be warned whether changing the roof or some other major work is due shortly that will be shared between the leaseholders and may well dramatically increase the the maintenance costs or necessitate a one off invoice. It would be prudent to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Enquire of other tenants if they are happy with them. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what you get for your money.

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    Lease Extensions in Newton Ferrers