Frequently asked questions relating to St Neots leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in St Neots. I now wish to get lease extension but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to find the landlord. On the whole a specialist should be helpful to try and locate and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering St Neots.
Estate agents have just been given the go-ahead to market my basement apartment in St Neots.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 managing agents 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 seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in St Neots. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in St Neots ?
Most houses in St Neots are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in St Neots in which case you should be shopping around for a St Neots conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of apartments in St Neots both have about fifty years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to appointing a St Neots conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a St Neots conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non St Neots conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I own a leasehold flat in St Neots, conveyancing was carried out 2007. How much will my lease extension cost? Corresponding flats in St Neots with over 90 years remaining are worth £193,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2087
With only 62 years unexpired the likely cost is going to range between £20,900 and £24,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
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