Top Five Questions relating to Pevensey leasehold conveyancing
I have recently realised that I have 72 years unexpired on my flat in Pevensey. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 prove that you or your lawyers have done all that could be expected to locate the freeholder. On the whole an enquiry agent may be useful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Pevensey.
Looking forward to complete next month on a leasehold property in Pevensey. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Pevensey should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am looking at a couple of maisonettes in Pevensey both have approximately 50 years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Pevensey conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Pevensey conveyancing firm) it is imperative that he or she should 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 Pevensey conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions has the firm carried out in Pevensey in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Pevensey with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Pevensey can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Pevensey levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Pevensey.
I purchased a 1 bedroom flat in Pevensey, conveyancing having been completed 6 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Pevensey with a long lease are worth £243,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2083
With only 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.