Common questions relating to Sea Mills leasehold conveyancing
I have recently realised that I have Seventy years unexpired on my lease in Sea Mills. I now wish to extend my lease but my freeholder is absent. What are my options?
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 for permission 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 demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. In some cases a specialist should be useful to try and locate and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Sea Mills.
Last month I purchased a leasehold flat in Sea Mills. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to finding a Sea Mills conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Sea Mills conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Sea Mills conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Sea Mills with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sea Mills can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Sea Mills state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you fail to have the consents in place you should not contact the landlord without checking with your lawyer in the first instance.
When it comes to leasehold conveyancing in Sea Mills what are the most frequent lease problems?
Leasehold conveyancing in Sea Mills is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. 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
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I purchased a studio flat in Sea Mills, conveyancing formalities finalised 2008. How much will my lease extension cost? Similar flats in Sea Mills with a long lease are worth £189,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2071
With only 50 years remaining on your lease the likely cost is going to be between £33,300 and £38,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.