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Examples of recent questions relating to leasehold conveyancing in Spennymoor

Having had my offer accepted I require leasehold conveyancing in Spennymoor. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Spennymoor - then the leasehold title will always include the short particulars 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.

Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Spennymoor. I am keen to get lease extension but my landlord is missing. 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the landlord. In some cases an enquiry agent may be helpful to conduct investigations and to produce a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Spennymoor.

I am hoping to complete next month on a studio apartment in Spennymoor. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Spennymoor should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The total extent of the demise. This will be the apartment itself but might incorporate a loft or cellar if appropriate.
  • Are pets allowed in the flat?
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Responsibility for repairing the window frames
  • 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 Spennymoor please ask your lawyer in ahead of your conveyancing in Spennymoor

    • I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Spennymoor. Conveyancing advisers have not yet been appointed. Will they explain the issues?

    Most houses in Spennymoor are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Spennymoor in which case you should be shopping around for a Spennymoor conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

    Do you have any advice for leasehold conveyancing in Spennymoor from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Spennymoor can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • The majority landlords or Management Companies in Spennymoor levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information 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 usual reason for delay in leasehold conveyancing in Spennymoor.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Spennymoor state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the consents in place you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Spennymoor leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand 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 lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and frustrates many a Spennymoor home move. If a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • I invested in buying a garden flat in Spennymoor, conveyancing formalities finalised 1998. Can you work out an approximate cost of a lease extension? Similar properties in Spennymoor with an extended lease are worth £232,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2082

    With only 57 years remaining on your lease the likely cost is going to span between £24,700 and £28,600 as well as legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Spennymoor