Examples of recent questions relating to leasehold conveyancing in Bideford
Having had my offer accepted I require leasehold conveyancing in Bideford. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Bideford - then the leasehold title will always include the short particulars 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 Fifty years unexpired on my flat in Bideford. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to find the freeholder. For most situations an enquiry agent should be helpful to try and locate and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Bideford.
Looking forward to sign contracts shortly on a ground floor flat in Bideford. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bideford should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am attracted to a couple of maisonettes in Bideford both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bideford. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why 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 such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
In relation to leasehold conveyancing in Bideford what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Bideford. Most leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Bideford Leasehold Conveyancing - Sample of Queries Prior to buying
-
Who are the managing agents?
The answer will be helpful as a) areas can result in problems for the block as the communal areas may start to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details
What is the the remaining lease term?
Other Topics