Recently asked questions relating to Silverton leasehold conveyancing
I have recently realised that I have Sixty One years left on my flat in Silverton. I need to extend my lease but my freeholder is absent. What should I do?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. In some cases a specialist should be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court overseeing Silverton.
Back In 2009, I bought a leasehold house in Silverton. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Silverton who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Silverton conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, 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 two apartments in Silverton which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in Silverton from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Silverton can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Silverton state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
What are the common deficiencies that you see in leases for Silverton properties?
There is nothing unique about leasehold conveyancing in Silverton. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I bought a split level flat in Silverton, conveyancing was carried out 2010. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Silverton with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2075
You have 54 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should 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 you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.