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Common questions relating to Toton leasehold conveyancing

There are only 68 years unexpired on my lease in Toton. I need to get lease extension but my landlord is missing. 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 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 magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist should be helpful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Toton.

Expecting to exchange soon on a studio apartment in Toton. Conveyancing lawyers inform me 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 Toton should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Defining your rights in respect of common areas in the block.By way of example, does the lease permit a right of way over an accessway or hallways?
  • Are pets allowed in the flat?
  • Whether the lease restricts you from subletting the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions) For a comprehensive list of information to be contained in your report on your leasehold property in Toton please ask your lawyer in advance of your conveyancing in Toton

    • I am tempted by the attractive purchase price for a couple of apartments in Toton which have in the region of forty five years remaining on the leases. should I be concerned?

    There are plenty of short leases in Toton. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

    What advice can you give us when it comes to appointing a Toton conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for lease extension works (regardless if they are a Toton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Toton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • If the firm is not ALEP accredited then why not?
  • How many lease extensions have they carried out in Toton in the last 12 months?

    • Can you provide any advice for leasehold conveyancing in Toton from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Toton can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Some Toton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Organising a new share certificate can be a lengthy process and slows down many a Toton home move. If a reissued share certificate is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Toton - Sample of Questions you should consider before Purchasing

      Are any of leasehold owners in dispute over their service charge payments? Is anyone aware of any major works in the planning that will increase the service fees? How much is the maintenance charge and ground rent on the apartment?

    Other Topics

    Lease Extensions in Toton