Common questions relating to Tilbury leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Tilbury. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Tilbury - 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 unexpired on my lease in Tilbury. I now want to extend my lease but my landlord is missing. What are my options?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent should be useful to conduct investigations and to produce an expert document which can be used as proof 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 vesting order request to the County Court overseeing Tilbury.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Tilbury. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Tilbury ?
The majority of houses in Tilbury are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tilbury so you should seriously consider looking for a Tilbury conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am a negotiator for a long established estate agent office in Tilbury where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Tilbury conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £450000 garden flat in Tilbury next week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Tilbury?
Tilbury conveyancing on leasehold flats usually results in administration charges invoiced by managing agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Tilbury
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Tilbury - A selection of Questions you should consider before Purchasing
-
It would be wise to discover as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other people if they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money.
How much is the yearly service fee and ground rent?
The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is usually employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Other Topics