Frequently asked questions relating to Witham leasehold conveyancing
I am on look out for some leasehold conveyancing in Witham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Witham - 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.
I only have Seventy years unexpired on my flat in Witham. I need to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist may be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Witham.
I have just appointed agents to market my ground floor apartment in Witham.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – what should I do?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of flats in Witham which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Witham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Witham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Completion in due on the disposal of our £325000 flat in Witham next week. The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Witham?
Witham conveyancing on leasehold flats more often than not involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a 2 bed flat in Witham, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Witham with a long lease are worth £228,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2074
You have 53 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Other Topics