Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Cowes. I now want 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 an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the landlord. In some cases an enquiry agent should be useful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Cowes.

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Cowes. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Cowes are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Cowes so you should seriously consider shopping around for a Cowes conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

Last month I purchased a leasehold property in Cowes. Am I liable to pay service charges relating to a period prior to 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).

Can you provide any top tips for leasehold conveyancing in Cowes with the aim of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Cowes can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
• The majority freeholders or managing agents in Cowes charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Cowes.

What are the common problems that you see in leases for Cowes properties?

There is nothing unique about leasehold conveyancing in Cowes. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts 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 could 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. Barclays , Skipton Building Society, and Alliance & Leicester all have very detailed 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 purchaser to withdraw.

Cowes Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

If a Cowes lease has no more than eighty years it will impact the marketability of the property. Check with your bank that they are happy with the length of the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for two years in order to be entitled to extend the lease. The answer will be helpful as a) areas may cause problems in the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the tenants have an issue with the managing agents you will wish to have complete disclosure How long is the Lease?

Other Topics

Lease Extensions in Cowes