Questions and Answers: Sacriston leasehold conveyancing
I have recently realised that I have Seventy years left on my lease in Sacriston. I am keen to get lease extension but my landlord is can not be found. What should I do?
On the basis that 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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. In some cases an enquiry agent may be helpful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Sacriston.
I am hoping to complete next month on a studio apartment in Sacriston. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Sacriston should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Sacriston. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Sacriston are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Sacriston in which case you should be shopping around for a Sacriston conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
What advice can you give us when it comes to appointing a Sacriston conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Sacriston conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Sacriston 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 useful:
- How familiar is the practice with lease extension legislation?
If all goes to plan we aim to complete the sale of our £450000 flat in Sacriston in 5 days. The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Sacriston?
Sacriston conveyancing on leasehold maisonettes often involves the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I purchased a basement flat in Sacriston, conveyancing was carried out 2004. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Sacriston with over 90 years remaining are worth £268,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2074
With 54 years unexpired we estimate the premium for your lease extension to range between £33,300 and £38,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.