Top Five Questions relating to Walkington leasehold conveyancing
I am in need of some leasehold conveyancing in Walkington. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Walkington - 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.
There are only Seventy years remaining on my flat in Walkington. I need to extend my lease but my freeholder is absent. What options are available to me?
If you qualify, 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 magistrate. However, you will be required to prove that you have done all that could be expected to find the landlord. For most situations a specialist may be helpful to conduct investigations and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Walkington.
I am looking at a couple of maisonettes in Walkington both have in the region of fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold property in Walkington. 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. 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).
What advice can you give us when it comes to finding a Walkington conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Walkington 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 several firms including non Walkington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions has the firm carried out in Walkington in the last year?
I purchased a basement flat in Walkington, conveyancing was carried out in 2001. 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 Walkington with a long lease are worth £210,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2097
With just 76 years unexpired the likely cost is going to span between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.