Top Five Questions relating to Hockley leasehold conveyancing
I am in need of some leasehold conveyancing in Hockley. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Hockley - 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.
I only have 72 years unexpired on my flat in Hockley. I now want to get lease extension but my landlord is absent. What should I do?
On the basis that you qualify, 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 granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. On the whole an enquiry agent may be helpful to try and locate and to produce a report which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Hockley.
Due to sign contracts shortly on a ground floor flat in Hockley. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Hockley should include some of the following:
- Setting out your legal entitlements in respect of the communal areas in the block.For example, does the lease permit a right of way over a path or hallways?
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Hockley. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hockley ?
Most houses in Hockley 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 purchasing in Hockley in which case you should be looking for a Hockley conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.
I am employed by a reputable estate agent office in Hockley where we have witnessed a few flat sales derailed due to short leases. I have been given inconsistent advice from local Hockley conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a split level flat in Hockley, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Hockley with a long lease are worth £200,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2102
With 77 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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