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Questions and Answers: North Ferriby leasehold conveyancing

There are only 68 years left on my lease in North Ferriby. I now wish 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole a specialist would be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing North Ferriby.

I own a leasehold house in North Ferriby. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in North Ferriby who acted for me is not around.Do I pay?

First contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a North Ferriby conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a reputable estate agent office in North Ferriby where we see a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local North Ferriby conveyancing solicitors. Can you shed some light as to whether the seller 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.

What advice can you give us when it comes to appointing a North Ferriby conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a North Ferriby conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non North Ferriby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • What volume of lease extensions have they conducted in North Ferriby in the last twenty four months?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in North Ferriby with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in North Ferriby can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
    • Many landlords or Management Companies in North Ferriby charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in North Ferriby.
  • A minority of North Ferriby leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Obtaining a replacement share certificate can be a lengthy formality and slows down many a North Ferriby home move. If a new share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.

    • I invested in buying a ground floor flat in North Ferriby, conveyancing formalities finalised in 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in North Ferriby with a long lease are worth £219,000. The ground rent is £60 per annum. The lease terminates on 21st October 2099

    With just 74 years unexpired the likely cost is going to be between £13,300 and £15,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in North Ferriby