Top Five Questions relating to Umberleigh leasehold conveyancing
There are only Sixty One years unexpired on my flat in Umberleigh. I now wish 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 Court. However, you will be required to demonstrate that you have used your best endeavours to track down the lessor. In some cases a specialist should be useful to try and locate and to produce a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Umberleigh.
Due to exchange soon on a basement flat in Umberleigh. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Umberleigh should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Umberleigh. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Umberleigh ?
Most houses in Umberleigh are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Umberleigh so you should seriously consider shopping around for a Umberleigh conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I work for a busy estate agency in Umberleigh where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Umberleigh conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as 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 proposed purchaser need not have 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 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 purchaser.
Are there frequently found deficiencies that you come across in leases for Umberleigh properties?
There is nothing unique about leasehold conveyancing in Umberleigh. All leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I acquired a leasehold flat in Umberleigh, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Umberleigh with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2100
You have 79 years remaining on your lease we estimate the price of your lease extension to range between £12,400 and £14,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.