Top Five Questions relating to Blakeney leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Blakeney. I now want to get lease extension but my landlord is absent. What options are available to me?
On the basis that 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 magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. For most situations a specialist should be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Blakeney.
Due to complete next month on a leasehold property in Blakeney. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Blakeney should include some of the following:
- Setting out your rights in respect of the communal areas in the building.By way of example, does the lease grant a right of way over a path or hallways?
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Blakeney. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Blakeney are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Blakeney so you should seriously consider shopping around for a Blakeney conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I work for a long established estate agent office in Blakeney where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Blakeney conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as 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. The benefit of this is that the buyer need not have to sit tight for 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 disposal of the property.
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 buyer.
What advice can you give us when it comes to appointing a Blakeney conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Blakeney conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Blakeney conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
Blakeney Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
How is the lease structured?
If a Blakeney lease has less than eighty years it will have adverse implications on the value of the property. Check with your lender that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Blakeneylease extensions you would need to own the property for 24 months in order to be eligible to extend the lease.
You should want to discover as much as possible concerning the managing agents as they will either make your life much simpler or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the communal areas. Enquire of other tenants what they think of them. Finally, be sure you know the dates that the maintenance fees are due to the relevant party and specifically how they are spending the funds.