St Leonards On Sea leasehold conveyancing: Q and A’s
There are only Sixty One years unexpired on my lease in St Leonards On Sea. I need to extend my lease but my freeholder is missing. What should I do?
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 mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases a specialist should be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering St Leonards On Sea.
I today plan to offer on a house that seems to be perfect, at a reasonable figure 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 leasehold house in St Leonards On Sea. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in St Leonards On Sea ?
Most houses in St Leonards On Sea are freehold rather than 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 buying in St Leonards On Sea so you should seriously consider looking for a St Leonards On Sea conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
My wife and I purchased a leasehold house in St Leonards On Sea. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in St Leonards On Sea who previously acted has now retired.Any advice?
First make enquiries of HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a St Leonards On Sea conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a reputable estate agency in St Leonards On Sea where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local St Leonards On Sea conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
Can you provide any top tips for leasehold conveyancing in St Leonards On Sea from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in St Leonards On Sea can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or Management Companies in St Leonards On Sea charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in St Leonards On Sea.
I bought a leasehold flat in St Leonards On Sea, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in St Leonards On Sea with a long lease are worth £211,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2087
With only 63 years unexpired the likely cost is going to be between £17,100 and £19,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do 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 without first getting professional advice.