Rhosesmor leasehold conveyancing: Q and A’s
There are only 68 years unexpired on my flat in Rhosesmor. I now want to get lease extension but my landlord is absent. What are my options?
If 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the landlord. On the whole an enquiry agent should be useful to carry out a search and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Rhosesmor.
My wife and I purchased a leasehold house in Rhosesmor. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Rhosesmor who acted for me is not around.What should I do?
First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Rhosesmor conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Rhosesmor which have approximately fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Rhosesmor is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rhosesmor conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We expect to complete the sale of our £275000 maisonette in Rhosesmor next week. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Rhosesmor?
Rhosesmor conveyancing on leasehold maisonettes usually results in fees being raised by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Rhosesmor
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Rhosesmor lease defective?
Leasehold conveyancing in Rhosesmor is not unique. All leases are unique and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I own a 1st floor flat in Rhosesmor, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Rhosesmor with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2094
You have 68 years unexpired we estimate the premium for your lease extension to range between £12,400 and £14,200 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 without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Other Topics