Sample questions relating to South Brent leasehold conveyancing
I only have Fifty years remaining on my lease in South Brent. I now want to get lease extension but my landlord is absent. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent should be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the freeholder 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 South Brent.
Estate agents have just been given the go-ahead to market my ground floor flat in South Brent.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?
It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in South Brent. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in South Brent ?
The majority of houses in South Brent are freehold and not 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 purchasing in South Brent in which case you should be looking for a South Brent conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’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 part of an estate. Your conveyancer should report to you on the legal implications.
I am a negotiator for a long established estate agency in South Brent where we have experienced a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local South Brent conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 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 disposal of the property.
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.
Do you have any top tips for leasehold conveyancing in South Brent from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in South Brent can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- Many freeholders or Management Companies in South Brent charge for providing 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 reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in South Brent.
I purchased a studio flat in South Brent, conveyancing having been completed 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in South Brent with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2096
With only 75 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.