Sample questions relating to Appleby In Westmorland leasehold conveyancing
There are only 68 years unexpired on my flat in Appleby In Westmorland. I am keen to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the lessor. On the whole an enquiry agent may be useful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Appleby In Westmorland.
I am tempted by the attractive purchase price for a two flats in Appleby In Westmorland both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Appleby In Westmorland. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agency in Appleby In Westmorland where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Appleby In Westmorland conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 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 disposal of the property.
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 purchaser.
We expect to complete the sale of our £400000 flat in Appleby In Westmorland next week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Appleby In Westmorland?
Appleby In Westmorland conveyancing on leasehold flats often necessitates the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
In relation to leasehold conveyancing in Appleby In Westmorland what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Appleby In Westmorland. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
Appleby In Westmorland Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
How much is the ground rent and service charge?
How many of the leaseholders are in arrears for their service charge payments?
How long is the Lease?