Examples of recent questions relating to leasehold conveyancing in Bourton on the Water
Having had my offer accepted I require leasehold conveyancing in Bourton on the Water. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Bourton on the Water - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only 62 years left on my lease in Bourton on the Water. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
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 enable the lease to be extended by the Court. However, you will be required to prove that you have done all that could be expected to locate the landlord. On the whole a specialist should be useful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Bourton on the Water.
Estate agents have just been given the go-ahead to market my 2 bed flat in Bourton on the Water.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a couple of maisonettes in Bourton on the Water which have about forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Bourton on the Water. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
What advice can you give us when it comes to choosing a Bourton on the Water conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Bourton on the Water conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Bourton on the Water conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
Bourton on the Water Leasehold Conveyancing - A selection of Queries Prior to buying
How many years are left on the lease?
Please note that where the lease has no more than eighty years it will have adverse implications on the salability of the apartment. Check with your lender that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you will need to own the residence for a couple of years before you are eligible to extend the lease.
The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders have control and although a managing agent is frequently employed where it is bigger than a house conversion, the managing agent retained by the leaseholders.