I only have 72 years unexpired on my lease in Chipping Campden. I now wish to get lease extension but my freeholder is can not be found. What are my options?

If 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 granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and to produce an expert document to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Chipping Campden.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Chipping Campden. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Chipping Campden ?

The majority of houses in Chipping Campden are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Chipping Campden in which case you should be looking for a Chipping Campden conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Chipping Campden both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Chipping Campden is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chipping Campden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold house in Chipping Campden. Do I have any liability for service charges for periods before my ownership?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

What makes a Chipping Campden lease defective?

Leasehold conveyancing in Chipping Campden is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• 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 as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

Chipping Campden Leasehold Conveyancing - A selection of Queries before Purchasing

Make sure you find out if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Chipping Campden. If you like the apartmentin Chipping Campden however your dog is not allowed to live with you then you will be presented with a hard decision. Can you inform me if there are any major works in the near future that will increase the maintenance costs? It would be sensible to find out as much as possible regarding the company managing the block as they will either make living at the property much simpler or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the communal areas. Don't be shy to ask prospective neighbours if they are happy with their service. In conclusion, be sure you discover the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes.

Other Topics

Lease Extensions in Chipping Campden