Frequently asked questions relating to Milton Keynes leasehold conveyancing
I wish to let out my leasehold flat in Milton Keynes. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Your lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Milton Keynes do not contain strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I have recently realised that I have 68 years remaining on my lease in Milton Keynes. I now wish to get lease extension but my freeholder is absent. 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 for permission 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 demonstrate that you or your lawyers have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent may be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Milton Keynes.
Expecting to complete next month on a basement flat in Milton Keynes. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Milton Keynes should include some of the following:
- The physical extent of the property. This will be the flat itself but could also incorporate a roof space or cellar if applicable.
My wife and I purchased a leasehold flat in Milton Keynes. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Milton Keynes who previously acted has long since retired.Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Milton Keynes conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in Milton Keynes which have about forty five years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
I invested in buying a 2 bed flat in Milton Keynes, conveyancing having been completed in 2008. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Milton Keynes with an extended lease are worth £213,000. The ground rent is £65 per annum. The lease ends on 21st October 2094
With 70 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you 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 considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
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