Cirencester leasehold conveyancing: Q and A’s
There are only 68 years unexpired on my lease in Cirencester. I am keen to extend my lease but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document 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 overseeing Cirencester.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Cirencester. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Cirencester ?
Most houses in Cirencester are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Cirencester in which case you should be looking for a Cirencester conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I own a leasehold flat in Cirencester. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Cirencester who previously acted has long since retired.Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Cirencester conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of apartments in Cirencester both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Cirencester. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
What makes a Cirencester lease unacceptable for security purposes?
Leasehold conveyancing in Cirencester is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Barnsley Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Cirencester - A selection of Queries Prior to buying
Who are the managing agents?
It is important to be aware if fixing the lift or some other major work is pending that will be shared by the leasehold owners and may well materially impact the level of the service costs or require a specific invoice.
The answer will be helpful as a) areas can result in problems in the block as the common areas may begin to deteriorate where services remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have all the details