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Prescot leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Prescot. Before I get started I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Prescot - then the leasehold title will always include the basic details 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.

Having checked my lease I have discovered that there are only 62 years left on my lease in Prescot. I now want to extend my lease but my landlord is missing. What should I do?

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. However, you will be required to prove that you have made all reasonable attempts to find the lessor. For most situations an enquiry agent may be helpful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Prescot.

Due to sign contracts shortly on a basement flat in Prescot. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Prescot should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from letting out the property, or working from home
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions For a comprehensive list of information to be included in your report on your leasehold property in Prescot please enquire of your solicitor in ahead of your conveyancing in Prescot

  • I am employed by a long established estate agent office in Prescot where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Prescot conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    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. This means that the proposed purchaser 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 simultaneously with completion of the sale.

    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.

    All being well we will complete our sale of a £450000 flat in Prescot next week. The landlords agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Prescot?

    Prescot conveyancing on leasehold flats usually involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    Leasehold Conveyancing in Prescot - Sample of Questions you should ask before buying

      The answer will be useful as a) areas can result in problems for the building as the common areas may start to deteriorate where maintenance are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have all the details What restrictions exist in the Prescot Lease? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants have control and even though a managing agent is often retained where it is larger than a house conversion, the managing agent is directed by the tenants.

    Other Topics

    Lease Extensions in Prescot