Questions and Answers: Benfleet leasehold conveyancing
I only have Seventy years remaining on my flat in Benfleet. I now wish to extend my lease but my freeholder 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 an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to track down the landlord. In some cases a specialist should be useful to try and locate and to produce an expert document which can 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 application to the County Court overseeing Benfleet.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Benfleet. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Benfleet are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Benfleet in which case you should be looking for a Benfleet conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I own a leasehold house in Benfleet. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Benfleet who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Benfleet conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Benfleet both have approximately 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Benfleet is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers 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 premises 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 Benfleet 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 the agreed 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.
We expect to complete our sale of a £325000 flat in Benfleet next Friday . The management company has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Benfleet?
Benfleet conveyancing on leasehold flats typically results in administration charges levied by landlords agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Benfleet
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Benfleet Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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You should be aware if it is no more than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the residence for a couple of years before you are entitled to exercise a lease extension.
Many Benfleet leasehold flats will be liable to pay a service bill for maintenance of the building invoiced by the management company. If you acquire the apartment you will have to meet this liability, normally quarterly during the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant amount, say about £25-£75 but you should to enquire it because sometimes it could be surprisingly expensive.
Is the freehold owned collectively by the tenants?
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