Recently asked questions relating to Appleby In Westmorland leasehold conveyancing
There are only Seventy years left on my lease in Appleby In Westmorland. I am keen to get lease extension but my landlord is can not be found. What are my options?
If you qualify, 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 extended by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Appleby In Westmorland.
I am employed by a reputable estate agent office in Appleby In Westmorland where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Appleby In Westmorland conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What advice can you give us when it comes to finding a Appleby In Westmorland conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Appleby In Westmorland conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Appleby In Westmorland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How many lease extensions have they conducted in Appleby In Westmorland in the last year?
Can you provide any advice for leasehold conveyancing in Appleby In Westmorland with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Appleby In Westmorland can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Appleby In Westmorland state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without contacting your lawyer in advance.
What are the frequently found defects that you come across in leases for Appleby In Westmorland properties?
There is nothing unique about leasehold conveyancing in Appleby In Westmorland. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Appleby In Westmorland - A selection of Queries Prior to buying
Does the lease have in excess of 85 years unexpired?
Many Appleby In Westmorland leasehold apartments will be liable to pay a service bill for the upkeep of the building levied by the freeholder. If you acquire the property you will have to pay this contribution, normally periodically during the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge for you to pay annual, this is usually not a significant figure, say around £25-£75 but you need to check it because occasionally it could be many hundreds of pounds.
You should be aware that where the lease has fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be entitled to carry out a lease extension.