Fixed-fee leasehold conveyancing in Ossett:

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Recently asked questions relating to Ossett leasehold conveyancing

I have recently realised that I have Sixty One years left on my lease in Ossett. I now want to extend my lease but my freeholder is absent. What are my options?

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 mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. On the whole an enquiry agent may be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Ossett.

I own a leasehold house in Ossett. Conveyancing and TSB mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Ossett who acted for me is not around.What should I do?

First contact the Land Registry to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Ossett conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of maisonettes in Ossett which have about 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Ossett 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 lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Ossett 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 employed by a reputable estate agency in Ossett where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Ossett conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 before, or at the same time as completion of the sale.

Alternatively, it may be possible 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 purchaser.

Do you have any advice for leasehold conveyancing in Ossett with the purpose of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Ossett can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers representatives.
  • The majority landlords or managing agents in Ossett charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Ossett.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Ossett state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer first.
  • A minority of Ossett leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are 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 lawyers.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I am the registered owner of a 1st floor flat in Ossett, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Ossett with over 90 years remaining are worth £252,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2105

    With only 80 years left to run the likely cost is going to span between £10,500 and £12,000 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues 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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    Lease Extensions in Ossett