Sample questions relating to Silsoe leasehold conveyancing
I am on look out for some leasehold conveyancing in Silsoe. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Silsoe - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Silsoe. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Silsoe ?
The majority of houses in Silsoe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Silsoe so you should seriously consider shopping around for a Silsoe conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a two apartments in Silsoe both have about forty five years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Silsoe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under eighty 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 Silsoe 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 long established estate agency in Silsoe where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Silsoe conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?
As long as 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. This means that the proposed purchaser can avoid having 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 simultaneously with completion of the sale.
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 provide any top tips for leasehold conveyancing in Silsoe from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Silsoe can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
- The majority freeholders or Management Companies in Silsoe levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Silsoe.
I inherited a 2 bed flat in Silsoe, conveyancing formalities finalised in 2003. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Silsoe with over 90 years remaining are worth £210,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2090
With just 68 years remaining on your lease the likely cost is going to be between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.