Tetbury leasehold conveyancing Example Support Desk Enquiries
There are only 68 years remaining on my flat in Tetbury. I need to extend my lease but my freeholder is absent. What should I do?
If 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 enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. On the whole an enquiry agent may be useful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Tetbury.
Due to complete next month on a studio apartment in Tetbury. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Tetbury should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of apartments in Tetbury both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Tetbury is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Tetbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a reputable estate agent office in Tetbury where we have experienced a few flat sales derailed as a result of short leases. I have received contradictory information from local Tetbury conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Completion in due on the disposal of our £175000 maisonette in Tetbury on Wednesday in a week. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Tetbury?
Tetbury conveyancing on leasehold maisonettes nine out of ten times necessitates administration charges raised by freeholders :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Tetbury
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Tetbury Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
Is anyone aware of any major works in the near future that will add a premium to the service fees?
Are any of leasehold owners in arrears of their service charge payments?
What is the name of the managing agents?