Blackwood leasehold conveyancing Example Support Desk Enquiries
There are only 72 years unexpired on my flat in Blackwood. I need to get lease extension but my freeholder is missing. 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 an order 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 demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations a specialist should be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Blackwood.
I am tempted by the attractive purchase price for a two flats in Blackwood both have approximately fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Blackwood. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I work for a reputable estate agency in Blackwood where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Blackwood conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. 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.
An alternative approach is 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.
What are your top tips when it comes to finding a Blackwood conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Blackwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Blackwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- Can they put you in touch with client in Blackwood who can give a testimonial?
When it comes to leasehold conveyancing in Blackwood what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Blackwood. All leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
Blackwood Leasehold Conveyancing - A selection of Questions you should consider before buying
Many Blackwood leasehold apartments will have a service charge for the upkeep of the block levied on behalf of the landlord. Where you acquire the flat you will have to pay this amount, normally quarterly throughout the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, ordinarily this is not a significant sum, say about £25-£75 but you should to check as on occasion it can be surprisingly expensive.
Is there a share of the freehold?
It is important to be aware whether window replacement or some other significant cost is anticipated that will be shared by the tenants and will dramatically increase the the service charges or necessitate a specific invoice.