Questions and Answers: Shenfield leasehold conveyancing
I have recently realised that I have 72 years remaining on my lease in Shenfield. I need to extend my lease but my freeholder is can not be found. What options are available to me?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent would be helpful 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 proving the landlord’s disappearance and the application to the County Court covering Shenfield.
Expecting to complete next month on a basement flat in Shenfield. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Shenfield should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Does the lease prohibit wood flooring?
- Whether the lease restricts you from letting out the property, or having a home office for business
- You should be told what counts as a Nuisance in the lease
- You should have a good understanding of the insurance provisions
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
My wife and I purchased a leasehold house in Shenfield. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Shenfield who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Shenfield conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of flats in Shenfield both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Shenfield. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
What are your top tips when it comes to appointing a Shenfield conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Shenfield conveyancing practice) 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 several firms including non Shenfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
- How many lease extensions have they conducted in Shenfield in the last year?
I purchased a ground floor flat in Shenfield, conveyancing having been completed in 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Shenfield with over 90 years remaining are worth £172,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2102
With only 76 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. 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 taken into account 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.