Frequently asked questions relating to Cranfield leasehold conveyancing
I have recently realised that I have Sixty One years unexpired on my lease in Cranfield. I need to get lease extension but my freeholder is missing. What should I do?
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 lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. For most situations a specialist would be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court covering Cranfield.
Looking forward to sign contracts shortly on a studio apartment in Cranfield. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cranfield should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Cranfield. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Cranfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Cranfield in which case you should be looking for a Cranfield conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I work for a long established estate agency in Cranfield where we have experienced a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Cranfield conveyancing solicitors. Please can you clarify whether the vendor 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
What are the common deficiencies that you come across in leases for Cranfield properties?
There is nothing unique about leasehold conveyancing in Cranfield. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Leeds Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Cranfield - Examples of Questions you should ask before Purchasing
It would be sensible to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the communal areas. Ask other people what they think of their service. Finally, investigate as to the dates that the service charges are due to the relevant party and precisely how they are spending the funds.
Make sure you discover if there are any onerous restrictions in the lease. For instance it is reasonably common in Cranfield leases that pets are not allowed in certain buildings in Cranfield. If you like the flatin Cranfield but your dog is not allowed to move with you then you will be faced difficult compromise.
Where a Cranfield lease has fewer than 80 years it will have adverse implications on the value of the property. Check with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth finding out how much this will be. For most Cranfieldlease extensions you will be be obliged to have been the owner of the residence for a couple of years in order to be legally able to carry out a lease extension.