Recently asked questions relating to Somersham leasehold conveyancing
There are only 72 years remaining on my lease in Somersham. I am keen to get lease extension but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, 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 mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the lessor. For most situations a specialist should be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Somersham.
Last month I purchased a leasehold house in Somersham. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a busy estate agency in Somersham where we have witnessed a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Somersham conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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.
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 buyer.
Can you offer any advice when it comes to appointing a Somersham conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Somersham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Somersham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Somersham from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Somersham can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or managing agents in Somersham charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Somersham.
I own a ground floor flat in Somersham, conveyancing having been completed half a dozen 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 Somersham with over 90 years remaining are worth £230,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2090
With only 65 years unexpired we estimate the premium for your lease extension to range between £15,200 and £17,600 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
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