Atherton leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Atherton. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Atherton - 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 Seventy years remaining on my flat in Atherton. I now want to get lease extension but my landlord is can not be found. What are my options?
On the basis that you qualify, 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 Court. You will be obliged to prove that you have used your best endeavours to locate the landlord. For most situations an enquiry agent should be helpful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Atherton.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Atherton. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Atherton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Atherton so you should seriously consider looking for a Atherton conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of maisonettes in Atherton which have in the region of 50 years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I am employed by a long established estate agent office in Atherton where we see a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Atherton conveyancing firms. Could you confirm whether the owner of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 disposal of the property.
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.
Atherton Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
On the whole the outlay for major works tend not to be included within service charges, although a few managing agents in Atherton ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.
Does this lease have in excess of 85 years remaining?
You should be aware if it is less than 80 years it will have adverse implications on the value of the apartment. Check with your lender that they are content with residual term of the lease. A short lease means that you will probably need a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you will be required to have owned the residence for a couple of years before you are eligible to extend the lease.