Top Five Questions relating to Penrith leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Penrith. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Penrith - then the leasehold title will always include the short particulars 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.
There are only Sixty One years remaining on my lease in Penrith. I now want to get lease extension but my landlord is can not be found. What are my options?
On the basis that 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 lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. On the whole a specialist may be useful to conduct investigations and prepare an expert document which can be used as proof that the landlord can not be located. 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 Penrith.
Expecting to exchange soon on a leasehold property in Penrith. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Penrith should include some of the following:
- The physical extent of the demise. This will be the flat itself but might include a loft or cellar if appropriate.
I am looking at a two flats in Penrith which have approximately 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Penrith is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 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 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 Penrith conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Can you offer any advice when it comes to finding a Penrith conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Penrith conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Penrith conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
I own a studio flat in Penrith, conveyancing having been completed in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Penrith with over 90 years remaining are worth £244,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2100
With 77 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.