Top Five Questions relating to Redland leasehold conveyancing
There are only Sixty One years remaining on my lease in Redland. I need 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 apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the landlord. On the whole a specialist may be helpful to carry out a search and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Redland.
Expecting to complete next month on a garden flat in Redland. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Redland should include some of the following:
- You should receive a copy of the lease
I am employed by a busy estate agency in Redland where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Redland conveyancing solicitors. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.
Can you provide any advice for leasehold conveyancing in Redland from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Redland can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Redland charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Redland.
Completion in due on our sale of a £350000 maisonette in Redland next Monday . The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Redland?
Redland conveyancing on leasehold apartments often requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
I purchased a ground floor flat in Redland, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Redland with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2094
With 72 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered 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 seeking the advice of a professional.