Pyle leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Pyle. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Pyle - 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.
I only have Seventy years left on my lease in Pyle. I need to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases a specialist would be useful to try and locate and to produce an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Pyle.
I am employed by a busy estate agency in Pyle where we see a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Pyle conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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 before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 advice can you give us when it comes to finding a Pyle conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Pyle conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Pyle conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 maisonette in Pyle in just under a week. The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Pyle?
Pyle conveyancing on leasehold maisonettes normally requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Pyle Leasehold Conveyancing - Sample of Questions you should consider before buying
How is the lease structured?
Please note that where the lease has no more than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this would cost. For most Pylelease extensions you will need to own the property for 24 months in order to be legally able to extend the lease.
Best to be warned if fixing the lift or some other major work is due in the near future to be shared by the leaseholders and may well materially increase the the service charges or necessitate a specific payment.