Walton on the Naze leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Walton on the Naze. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Walton on the Naze - then the leasehold title will always include the basic details 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 Sixty One years remaining on my lease in Walton on the Naze. I now want to extend my lease 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 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. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. In some cases an enquiry agent may be useful to carry out a search and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Walton on the Naze.
I own a leasehold house in Walton on the Naze. Conveyancing and Barclays mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Walton on the Naze who acted for me is not around.Any advice?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Walton on the Naze conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any top tips for leasehold conveyancing in Walton on the Naze from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Walton on the Naze can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- The majority landlords or managing agents in Walton on the Naze levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Walton on the Naze.
Are there common deficiencies that you see in leases for Walton on the Naze properties?
Leasehold conveyancing in Walton on the Naze is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Barnsley Building Society, 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 grant the mortgage, forcing the purchaser to pull out.
I acquired a garden flat in Walton on the Naze, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Walton on the Naze with an extended lease are worth £244,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2090
With just 69 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues 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.