Top Five Questions relating to Rayleigh leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Rayleigh. I need to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. In some cases a specialist would be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Rayleigh.
Expecting to sign contracts shortly on a basement flat in Rayleigh. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Rayleigh should include some of the following:
- The total extent of the premises. This will be the apartment itself but may incorporate a loft or cellar if applicable.
I have just started marketing my basement apartment in Rayleigh.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – Do I pay up?
It best that you discharge the invoice 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a busy estate agency in Rayleigh where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Rayleigh conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner 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 buyer need not have to wait 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 disposal of the property.
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 buyer.
Completion in due on our sale of a £400000 garden flat in Rayleigh next week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Rayleigh?
Rayleigh conveyancing on leasehold flats usually involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
I own a leasehold flat in Rayleigh, conveyancing formalities finalised 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Rayleigh with over 90 years remaining are worth £259,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2079
With 57 years remaining on your lease the likely cost is going to range between £24,700 and £28,600 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.