Silsoe leasehold conveyancing Example Support Desk Enquiries
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Silsoe. I am keen to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission 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 have used your best endeavours to find the freeholder. In some cases an enquiry agent may be useful to conduct investigations and to produce a report which can be accepted by the court 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 Silsoe.
Expecting to complete next month on a leasehold property in Silsoe. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Silsoe should include some of the following:
- Are pets allowed in the flat?
I am employed by a reputable estate agent office in Silsoe where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Silsoe conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
Do you have any advice for leasehold conveyancing in Silsoe from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Silsoe can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority landlords or managing agents in Silsoe levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Silsoe.
Are there frequently found defects that you witness in leases for Silsoe properties?
There is nothing unique about leasehold conveyancing in Silsoe. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- 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
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a garden flat in Silsoe, conveyancing was carried out in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Silsoe with over 90 years remaining are worth £180,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2076
With just 54 years unexpired the likely cost is going to be between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.