Chipping Campden leasehold conveyancing Example Support Desk Enquiries
My wife and I may need to rent out our Chipping Campden basement flat temporarily due to a career opportunity. We instructed a Chipping Campden conveyancing practice in 2002 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Your lease dictates relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Chipping Campden do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Having checked my lease I have discovered that there are only Fifty years left on my lease in Chipping Campden. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
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 done all that could be expected to locate the lessor. On the whole an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Chipping Campden.
Back In 2005, I bought a leasehold flat in Chipping Campden. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Chipping Campden who previously acted has now retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Chipping Campden conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Chipping Campden which have about fifty years unexpired on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
What makes a Chipping Campden lease unmortgageable?
Leasehold conveyancing in Chipping Campden is not unique. Most leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Chipping Campden Leasehold Conveyancing - Sample of Queries Prior to buying
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Most Chipping Campden leasehold apartments will have a service bill for the upkeep of the block levied by the management company. Should you buy the apartment you will have to meet this liability, usually in instalments throughout the year. This can be anything from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a exorbitant figure, say around £50-£100 but you should to enquire it because occasionally it can be prohibitively expensive.
If a Chipping Campden lease has no more than eighty years it will have adverse implications on the salability of the apartment. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would be be obliged to have owned the premises for two years before you are eligible to exercise a lease extension.
It is important to be aware whether fixing the lift or some other significant cost is due in the foreseeable future that will be shared between the leaseholders and could well materially increase the the service costs or necessitate a one time payment.
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