Examples of recent questions relating to leasehold conveyancing in Southend On Sea
I am in need of some leasehold conveyancing in Southend On Sea. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Southend On Sea - 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.
There are only 72 years unexpired on my flat in Southend On Sea. I need to extend my lease but my landlord is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the landlord. On the whole a specialist should be useful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord can not be located. 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 covering Southend On Sea.
Expecting to complete next month on a leasehold property in Southend On Sea. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Southend On Sea should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am attracted to a couple of apartments in Southend On Sea which have about forty five years left on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
In relation to leasehold conveyancing in Southend On Sea what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Southend On Sea. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- 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
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I purchased a studio flat in Southend On Sea, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Southend On Sea with a long lease are worth £225,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2103
You have 79 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
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