Yaxley leasehold conveyancing: Q and A’s
I have recently realised that I have 68 years unexpired on my flat in Yaxley. I need to extend my lease but my landlord is missing. 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 lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent should be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Yaxley.
I am hoping to complete next month on a ground floor flat in Yaxley. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Yaxley should include some of the following:
- The total extent of the demise. This will be the apartment itself but could also incorporate a roof space or cellar if applicable.
I am looking at a couple of apartments in Yaxley which have approximately fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Yaxley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, 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 property 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 Yaxley 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.
What are your top tips when it comes to choosing a Yaxley conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Yaxley conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Yaxley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Yaxley who can give a testimonial?
All being well we will complete the sale of our £300000 apartment in Yaxley in just under a week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Yaxley?
Yaxley conveyancing on leasehold maisonettes nine out of ten times involves fees being invoiced by management companies :
- Addressing pre-exchange questions
- Where consent is required before sale in Yaxley
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Yaxley Conveyancing for Leasehold Flats - Sample of Queries before buying
Generally speaking the cost for major works tend not to be included within maintenance charges, although there some managing agents in Yaxley obliged tenants to pay into a reserve fund and this is used to offset against larger works.
How long is the Lease?
How much is the service charge and ground rent on the apartment?