Recently asked questions relating to Rye leasehold conveyancing
I am on look out for some leasehold conveyancing in Rye. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Rye - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only 72 years left on my lease in Rye. I need to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, 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 lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the lessor. In some cases a specialist should be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Rye.
Planning to sign contracts shortly on a studio apartment in Rye. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rye should include some of the following:
- You should receive a copy of the lease
I work for a busy estate agent office in Rye where we have experienced a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Rye conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 proposed purchaser 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 before, or simultaneously with 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.
In relation to leasehold conveyancing in Rye what are the most common lease defects?
Leasehold conveyancing in Rye is not unique. All leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
I am the registered owner of a 1 bedroom flat in Rye, conveyancing having been completed in 2001. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Rye with an extended lease are worth £260,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2094
You have 74 years left to run the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.