Common questions relating to Seaton leasehold conveyancing
I have recently realised that I have 72 years remaining on my flat in Seaton. I need to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, 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 mean that your lease can be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to track down the landlord. On the whole a specialist should be useful to conduct investigations and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Seaton.
I am attracted to a two flats in Seaton both have in the region of fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Seaton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Seaton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a busy estate agent office in Seaton where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Seaton conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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 purchaser.
Can you offer any advice when it comes to finding a Seaton conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Seaton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Seaton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Seaton with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Seaton can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Seaton leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
Leasehold Conveyancing in Seaton - A selection of Queries Prior to Purchasing
Is anyone aware of any major works in the planning that will likely add a premium to the service charges?
Make sure you find out if there is anything that is prohibited in the lease. For example it is very common in Seaton leases that pets are not permitted in certain buildings in Seaton. If you like the propertyin Seaton but your cat is not allowed to move with you then you will be presented with a difficult determination.
How many years remain on the lease?