Questions and Answers: Repton leasehold conveyancing
I am on look out for some leasehold conveyancing in Repton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Repton - then the leasehold title will always include the short particulars 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 Fifty years remaining on my lease in Repton. I am keen to extend my lease but my freeholder is can not be found. What should I do?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. On the whole a specialist would be helpful to try and locate and to produce a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Repton.
I am employed by a reputable estate agent office in Repton where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Repton conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities 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. This means that the buyer 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 prior to, or at the same time as completion of the disposal of the property.
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 are your top tips when it comes to choosing a Repton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Repton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Repton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
We expect to complete our sale of a £300000 apartment in Repton in just under a week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Repton?
For the majority of leasehold sales in Repton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Repton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Repton Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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Most Repton leasehold flats will be liable to pay a service charge for maintenance of the block levied by the landlord. If you purchase the flat you will have to pay this contribution, normally in instalments accross the year. This may differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent to be met yearly, normally this is not a significant figure, say about £50-£100 but you should to enquire it because occasionally it could be prohibitively expensive.
Where a Repton lease has less than eighty years it will impact the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth discovering what this would cost. For most Reptonlease extensions you would need to own the premises for two years before you are entitled to carry out a lease extension.
Its a good idea to find out as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the upkeep of the communal areas. Don't be shy to ask prospective neighbours if they are happy with them. On a final note, investigate as to the dates that the service fees are due to the relevant party and precisely what you get for your money.
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