Common questions relating to Ouston leasehold conveyancing
I only have Seventy years left on my lease in Ouston. I am keen to get lease extension but my landlord is absent. What are my options?
If you meet the appropriate requirements, 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. For most situations a specialist should be helpful to conduct investigations and to produce a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Ouston.
Due to complete next month on a studio apartment in Ouston. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ouston should include some of the following:
- You should receive a copy of the lease
I have just started marketing my ground floor flat in Ouston.Conveyancing has not commenced but I have just received a quarterly service charge demand – what should I do?
It best that you discharge the invoice 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 management companies 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've recently bought a leasehold house in Ouston. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Ouston from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Ouston can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Ouston leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you fail to have the paperwork to hand do not contact the landlord without checking with your conveyancer first.
I purchased a ground floor flat in Ouston, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Ouston with an extended lease are worth £169,000. The average or mid-range amount of ground rent is £60 levied per year. The lease terminates on 21st October 2101
You have 79 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.