I am in need of some leasehold conveyancing in Balsall Common. Before diving in I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Balsall Common - 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 lease in Balsall Common. I am keen to extend my lease but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the lessor. In some cases a specialist may be useful to try and locate and prepare a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Balsall Common.

I am hoping to complete next month on a studio apartment in Balsall Common. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Balsall Common should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I am tempted by the attractive purchase price for a two apartments in Balsall Common both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Balsall Common is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Balsall Common 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 appointing a Balsall Common conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Balsall Common conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Balsall Common conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• If the firm is not ALEP accredited then what is the reason?

Balsall Common Leasehold Conveyancing - Examples of Queries before buying

How many years remain on the lease? How is the lease structured? It would be prudent to find out as much as you can regarding the managing agents as they can either make life much easier or problematic. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day issues like the upkeep of the communal areas. Don't be afraid to ask prospective neighbours what they think of them. On a final note, find out the dates that the service charges are due to the managing agents and precisely how they are spending that money.

Other Topics

Lease Extensions in Balsall Common