Shillington leasehold conveyancing: Q and A’s
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Shillington. I need to get lease extension but my freeholder is can not be found. 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 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 granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole a specialist should be helpful to carry out a search and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Shillington.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Shillington. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Shillington ?
The majority of houses in Shillington are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Shillington so you should seriously consider shopping around for a Shillington conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
Can you offer any advice when it comes to appointing a Shillington conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Shillington conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Shillington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225000 apartment in Shillington in just under a week. The landlords agents has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Shillington?
For most leasehold sales in Shillington conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Shillington
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Shillington lease defective?
Leasehold conveyancing in Shillington is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I acquired a ground floor flat in Shillington, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Shillington with a long lease are worth £251,000. The ground rent is £60 per annum. The lease finishes on 21st October 2095
With just 75 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.