Sample questions relating to Consett leasehold conveyancing
I am on look out for some leasehold conveyancing in Consett. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Consett - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
There are only Seventy years unexpired on my flat in Consett. I need to get lease extension but my freeholder is missing. What should I do?
If you qualify, 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 extended by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the landlord. On the whole a specialist may be useful to conduct investigations and to produce a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court covering Consett.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Consett. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Consett ?
Most houses in Consett are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Consett in which case you should be looking for a Consett conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Consett which have about 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Consett is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat 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 premises 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 Consett 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What are the common problems that you witness in leases for Consett properties?
There is nothing unique about leasehold conveyancing in Consett. All leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
Consett Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Can you tell me if there are any major works on the horizon that could increase the service fees?
You should be aware if it is less than 80 years it will impact the salability of the flat. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for two years in order to be legally able to exercise a lease extension.
Who is in charge of the building?