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Recently asked questions relating to Snettisham leasehold conveyancing

I have recently realised that I have Fifty years remaining on my flat in Snettisham. I now want to extend my lease but my freeholder is missing. What should I do?

If you qualify, 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. On the whole an enquiry agent should be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Snettisham.

Planning to exchange soon on a leasehold property in Snettisham. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Snettisham should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • The total extent of the premises. This will be the property itself but might include a loft or basement if appropriate.
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Snettisham please enquire of your solicitor in ahead of your conveyancing in Snettisham

    • I am looking at a couple of apartments in Snettisham both have in the region of 50 years left on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold flat in Snettisham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Snettisham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

    Do you have any advice for leasehold conveyancing in Snettisham with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Snettisham can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or managing agents in Snettisham charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Snettisham.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Snettisham state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. Where you fail to have the consents in place do not contact the landlord without checking with your solicitor in the first instance.
  • Some Snettisham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Obtaining a replacement share certificate is often a time consuming process and slows down many a Snettisham conveyancing transaction. If a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • What makes a Snettisham lease unacceptable for security purposes?

    Leasehold conveyancing in Snettisham is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements 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

    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. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

    I acquired a 1 bedroom flat in Snettisham, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Snettisham with a long lease are worth £181,000. The ground rent is £60 per annum. The lease expires on 21st October 2103

    You have 78 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Snettisham