I only have Sixty One years left on my lease in Caversham. I need to get lease extension but my freeholder is missing. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. On the whole a specialist would be helpful to conduct investigations and prepare a report which can be accepted by the court 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 application to the County Court covering Caversham.

Due to complete next month on a basement flat in Caversham. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Caversham should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I am looking at a couple of apartments in Caversham both have about fifty years unexpired on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold house in Caversham. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee 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 be sure 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).

Are there common defects that you see in leases for Caversham properties?

There is nothing unique about leasehold conveyancing in Caversham. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• 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

You will 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. Barclays , Leeds Building Society, and Aldermore 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 provide security, forcing the purchaser to pull out.

Caversham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

On the whole the cost for major works are not included within maintenance charges, although a few managing agents in Caversham obliged tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance. Are any of leasehold owners in dispute over their service charge payments? Its a good idea to find out as much as possible about the managing agents as they will either make living at the property much simpler or much more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the common parts. You should not be shy to ask prospective neighbours what they think of them. Finally, be sure you understand the dates that the service fees are due to the managing agents and specifically what you get for your money.

Other Topics

Lease Extensions in Caversham