Examples of recent questions relating to leasehold conveyancing in Royton
I have recently realised that I have 68 years unexpired on my lease in Royton. I now want to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, 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 lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases a specialist would be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Royton.
I am hoping to complete next month on a studio apartment in Royton. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Royton should include some of the following:
- The total extent of the property. This will be the property itself but could also include a loft or cellar if appropriate.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Royton. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Royton ?
The majority of houses in Royton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Royton in which case you should be shopping around for a Royton conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am employed by a long established estate agent office in Royton where we see a few flat sales jeopardised due to short leases. I have been given contradictory information from local Royton conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 purchaser.
What are your top tips when it comes to appointing a Royton conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Royton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Royton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If the firm is not ALEP accredited then what is the reason?
I acquired a studio flat in Royton, conveyancing was carried out in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Royton with an extended lease are worth £231,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2083
With just 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.