I only have Fifty years unexpired on my lease in Bucklesham. I now want to get lease extension but my freeholder is can not be found. 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 granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. In some cases a specialist should be helpful to try and locate and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Bucklesham.

I am attracted to a couple of maisonettes in Bucklesham both have approximately 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Bucklesham. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold house in Bucklesham. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a Bucklesham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bucklesham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Bucklesham 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 helpful:

• If they are not ALEP accredited then why not?

What makes a Bucklesham lease unmortgageable?

Leasehold conveyancing in Bucklesham is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses 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 premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Bucklesham Leasehold Conveyancing - Examples of Queries Prior to buying

The best form of lease structure is if the freehold title is owned by the leaseholders. In this scenario the lessees have control 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. Its a good idea to discover as much as possible about the company managing the building as they can either make your life much easier or much more difficult. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Don't be shy to ask other people whether they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money. Is anyone aware of any major works on the horizon that could increase the service costs?

Other Topics

Lease Extensions in Bucklesham