Experts for Leasehold Conveyancing in Sutton On Sea

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Sample questions relating to Sutton On Sea leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Sutton On Sea. 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 Sutton 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.

Having checked my lease I have discovered that there are only Seventy years left on my flat in Sutton On Sea. I am keen to extend my lease but my freeholder is missing. 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. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the lessor. In some cases an enquiry agent should be helpful to try and locate and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Sutton On Sea.

Estate agents have just been given the go-ahead to market my garden flat in Sutton On Sea.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – Do I pay up?

The sensible thing to do is clear 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. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of maisonettes in Sutton On Sea which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Sutton On Sea. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Sutton On Sea from the perspective of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Sutton On Sea can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
  • Many freeholders or managing agents in Sutton On Sea levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Sutton On Sea.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a replacement share certificate can be a lengthy process and slows down many a Sutton On Sea conveyancing deal. If a new share is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a basement flat in Sutton On Sea, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Sutton On Sea with a long lease are worth £170,000. The ground rent is £50 yearly. The lease runs out on 21st October 2091

    With 65 years unexpired the likely cost is going to span between £14,300 and £16,400 as well as legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Sutton On Sea