Common questions relating to Crabtree leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Crabtree. Before diving in I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Crabtree - 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.
I have recently realised that I have Sixty One years remaining on my lease in Crabtree. 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 enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent would be useful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Crabtree.
I work for a long established estate agency in Crabtree where we see a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Crabtree conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to choosing a Crabtree conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Crabtree conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Crabtree conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
When it comes to leasehold conveyancing in Crabtree what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Crabtree. All leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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
You could encounter a problem 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, Chelsea Building Society, and Nottingham Building Society 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, obliging the purchaser to pull out.
Leasehold Conveyancing in Crabtree - Sample of Queries Prior to Purchasing
Is there a share of the freehold?
You should be aware if it is no more than 80 years it will have adverse implications on the value of the apartment. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you will be required to have owned the residence for a couple of years before you are legally able to extend the lease.
Does this lease have more than 80 years left?