Top Five Questions relating to Saffron Walden leasehold conveyancing
There are only 62 years unexpired on my flat in Saffron Walden. I am keen to get lease extension but my landlord 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 magistrate. You will be obliged to prove that you have done all that could be expected to track down the lessor. For most situations an enquiry agent would be useful to try and locate and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Saffron Walden.
I am a negotiator for a reputable estate agent office in Saffron Walden where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Saffron Walden conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 simultaneously with completion of the sale.
Alternatively, it may be possible 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 buyer.
What are your top tips when it comes to finding a Saffron Walden conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Saffron Walden conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Saffron Walden conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Saffron Walden from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Saffron Walden can be reduced where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- Many landlords or Management Companies in Saffron Walden charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Saffron Walden.
What makes a Saffron Walden lease problematic?
Leasehold conveyancing in Saffron Walden is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Alliance & Leicester all have express conveyancing instructions 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, obliging the buyer to withdraw.
I own a garden flat in Saffron Walden, conveyancing having been completed 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Saffron Walden with a long lease are worth £219,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2084
With only 64 years remaining on your lease we estimate the premium for your lease extension to be between £15,200 and £17,600 plus professional fees.
The suggested premium range 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 due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.