Recently asked questions relating to Bakewell leasehold conveyancing
There are only 62 years remaining on my flat in Bakewell. I am keen to extend my lease but my landlord is absent. What are my options?
On the basis that 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 lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the landlord. For most situations a specialist should be helpful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Bakewell.
I own a leasehold house in Bakewell. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Bakewell who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Bakewell 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 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Bakewell which have approximately fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Bakewell is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bakewell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to finding a Bakewell conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Bakewell conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Bakewell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Bakewell who can give a testimonial?
If all goes to plan we aim to complete the sale of our £150000 maisonette in Bakewell next Monday . The freeholder has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Bakewell?
Bakewell conveyancing on leasehold apartments nine out of ten times necessitates administration charges levied by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Bakewell
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Bakewell Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
Generally speaking the cost for major works tend not to be included within maintenance charges, albeit that a few managing agents in Bakewell ask leaseholders to contribute towards a sinking fund created for the specific intention of building a fund for major works.
How much is the maintenance charge and ground rent on the apartment?
Best to be warned whether window replacement or some other major work is pending to be shared between the tenants and could well materially impact the level of the maintenance charges or necessitate a one off invoice.