Experts for Leasehold Conveyancing in Askam In Furness

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Examples of recent questions relating to leasehold conveyancing in Askam In Furness

Having checked my lease I have discovered that there are only Seventy years left on my lease in Askam In Furness. I need to extend my lease but my freeholder is missing. What options are available to me?

If 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Askam In Furness.

I own a leasehold house in Askam In Furness. Conveyancing and Virgin Money mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Askam In Furness who acted for me is not around.What should I do?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Askam In Furness conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Askam In Furness both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Askam In Furness. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

I work for a busy estate agent office in Askam In Furness where we see a number of flat sales derailed as a result of short leases. I have received contradictory information from local Askam In Furness conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 purchaser.

What advice can you give us when it comes to finding a Askam In Furness conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Askam In Furness conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Askam In Furness conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How experienced is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

  • Leasehold Conveyancing in Askam In Furness - A selection of Questions you should ask Prior to Purchasing

      Who takes charge for maintaining and repairing the building? The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy control and notwithstanding that a managing agent is often employed if the building is larger than a house conversion, the managing agent retained by the leaseholders. The answer will be useful as a) areas may cause problems for the building as the common areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have a dispute with the running of the building you will want to have all the details

    Other Topics

    Lease Extensions in Askam In Furness