Frequently asked questions relating to Blakeney leasehold conveyancing
I only have 62 years remaining on my flat in Blakeney. I now want to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order 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 demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be useful to carry out a search 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 in relation to investigating the landlord’s disappearance and the application to the County Court covering Blakeney.
I am looking at a couple of apartments in Blakeney which have in the region of forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Blakeney is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, 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 Blakeney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What advice can you give us when it comes to appointing a Blakeney conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Blakeney conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Blakeney conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Blakeney with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Blakeney can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
- Many freeholders or managing agents in Blakeney levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Blakeney.
What makes a Blakeney lease problematic?
There is nothing unique about leasehold conveyancing in Blakeney. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter 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. Santander, Bank of Scotland, and Clydesdale all have express 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 provide security, forcing the buyer to withdraw.
Blakeney Leasehold Conveyancing - A selection of Queries Prior to buying
The best form of lease structure is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.
In the main the cost for major works are not included within service charges, albeit that some managing agents in Blakeney require leasehold owners to contribute towards a reserve fund created for the specific intention of establishing a fund for major works.
How is the lease structured?