Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Blakeney. I need to get lease extension but my landlord is absent. What should I do?

On the basis that 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 magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the landlord. For most situations an enquiry agent may be useful to conduct investigations 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 conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Blakeney.

Expecting to sign contracts shortly on a basement flat in Blakeney. Conveyancing lawyers 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 Blakeney should include some of the following:

• You should receive a copy of the lease

I am tempted by the attractive purchase price for a two maisonettes in Blakeney which have approximately 50 years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Blakeney is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 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 Blakeney 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 provide any top tips for leasehold conveyancing in Blakeney from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Blakeney can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Blakeney leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such works. Should you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor in the first instance.

What are the frequently found deficiencies that you see in leases for Blakeney properties?

There is nothing unique about leasehold conveyancing in Blakeney. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and TSB 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 defective they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Blakeney - Examples of Queries Prior to Purchasing

Does the lease contain onerous restrictions? Best to be warned if redecorating or some other major work is due shortly that will be shared amongst the leasehold owners and may well dramatically impact the level of the maintenance fees or result in a one off invoice. It would be sensible to discover as much as possible about the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical issues like the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money.

Other Topics

Lease Extensions in Blakeney