Questions and Answers: Barnstaple leasehold conveyancing
I have recently realised that I have 72 years unexpired on my lease in Barnstaple. I need to get lease extension but my freeholder is absent. What are my options?
If 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 enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to find the lessor. For most situations an enquiry agent should be helpful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Barnstaple.
I have just appointed agents to market my garden apartment in Barnstaple.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – what should I do?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Barnstaple. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Barnstaple ?
Most houses in Barnstaple are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Barnstaple so you should seriously consider looking for a Barnstaple conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am employed by a reputable estate agency in Barnstaple where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Barnstaple conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 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 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.
Completion in due on our sale of a £250000 garden flat in Barnstaple next Wednesday . The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Barnstaple?
Barnstaple conveyancing on leasehold maisonettes usually results in administration charges raised by management companies :
- Addressing pre-exchange questions
- Where consent is required before sale in Barnstaple
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Barnstaple Leasehold Conveyancing - Sample of Queries Prior to buying
-
For many Barnstaple leaseholds the outlay for major works are not wrapped into the service charges, albeit that there some managing agents in Barnstaple require tenants to pay into a sinking fund and this is used to offset against larger works.
Be sure to investigate if the the lease contains any unreasonable restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Barnstaple. If you like the flatin Barnstaple yet your dog can’t move with you then you will be presented with a hard compromise.
Its a good idea to discover as much as you can regarding the managing agents as they can either make living at the property much simpler or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the communal areas. Ask other tenants what they think of their management. Finally, be sure you understand the dates that the service fees are due to the managing agents and precisely how they are spending the funds.
Other Topics