Sample questions relating to Preston Park leasehold conveyancing
There are only Fifty years unexpired on my flat in Preston Park. I now want to get lease extension but my landlord is can not be found. 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 apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the landlord. On the whole an enquiry agent would be useful to carry out a search and prepare a report to 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 proving the landlord’s absence and the vesting order request to the County Court overseeing Preston Park.
I have just appointed agents to market my basement flat in Preston Park.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two apartments in Preston Park both have in the region of fifty years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I am employed by a busy estate agent office in Preston Park where we have experienced a few leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Preston Park conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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.
What are your top tips when it comes to finding a Preston Park conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Preston Park conveyancing practice) it is essential 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 Preston Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
I own a ground floor flat in Preston Park, conveyancing having been completed 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Preston Park with over 90 years remaining are worth £168,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2072
With just 51 years remaining on your lease the likely cost is going to range between £34,200 and £39,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.