Examples of recent questions relating to leasehold conveyancing in Toddington
Having had my offer accepted I require leasehold conveyancing in Toddington. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Toddington - then the leasehold title will always include the short particulars 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.
I have recently realised that I have Fifty years remaining on my lease in Toddington. I need to get lease extension but my freeholder 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 mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. In some cases a specialist may be useful to carry out a search and to produce a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Toddington.
Estate agents have just been given the go-ahead to market my 2 bed flat in Toddington.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you 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 a negotiator for a reputable estate agency in Toddington where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Toddington conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 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 buyer.
What are your top tips when it comes to appointing a Toddington conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Toddington conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Toddington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions has the firm carried out in Toddington in the last 12 months?
I acquired a basement flat in Toddington, conveyancing formalities finalised in 2000. How much will my lease extension cost? Corresponding properties in Toddington with over 90 years remaining are worth £236,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2078
You have 57 years left to run the likely cost is going to be between £22,800 and £26,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.