Verwood leasehold conveyancing: Q and A’s
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Verwood. I now wish to get lease extension but my landlord is can not be found. What are my options?
If 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 enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the lessor. In some cases a specialist should be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Verwood.
Expecting to sign contracts shortly on a ground floor flat in Verwood. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Verwood should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Verwood. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Verwood are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Verwood so you should seriously consider looking for a Verwood conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I've recently bought a leasehold property in Verwood. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What advice can you give us when it comes to appointing a Verwood conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Verwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Verwood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
I purchased a 1st floor flat in Verwood, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Verwood with over 90 years remaining are worth £239,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2075
With 51 years unexpired we estimate the price of your lease extension to range between £34,200 and £39,600 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
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