Tiptree leasehold conveyancing: Q and A’s
There are only 68 years unexpired on my flat in Tiptree. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. For most situations an enquiry agent may be useful to try and locate and to produce an expert document which can be accepted by the court 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 absence and the vesting order request to the County Court covering Tiptree.
I own a leasehold flat in Tiptree. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Tiptree who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Tiptree conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in Tiptree. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a reputable estate agent office in Tiptree where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Tiptree conveyancing firms. Could you confirm whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 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 disposal of the property.
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 £ 475000 flat in Tiptree in just under a week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Tiptree?
Tiptree conveyancing on leasehold flats normally results in administration charges invoiced by managing agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Tiptree
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a 1 bedroom flat in Tiptree, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent flats in Tiptree with over 90 years remaining are worth £252,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2099
You have 73 years unexpired the likely cost is going to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.