I only have 72 years unexpired on my lease in Crediton. I am keen to get lease extension but my freeholder is missing. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years 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 may be helpful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Crediton.

Back In 2009, I bought a leasehold flat in Crediton. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Crediton who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Crediton conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I've recently bought a leasehold property in Crediton. Do I have any liability for service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

What are your top tips when it comes to choosing a Crediton conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Crediton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Crediton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

In relation to leasehold conveyancing in Crediton what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Crediton. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements 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

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Bank of Ireland 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 grant the mortgage, forcing the purchaser to withdraw.

Leasehold Conveyancing in Crediton - A selection of Queries Prior to buying

The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the tenants benefit from control and even though a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants. Plenty Crediton leasehold flats will be liable to pay a service charge for maintenance of the building set on behalf of the freeholder. Should you acquire the property you will have to pay this liability, usually periodically accross the year. This can vary from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a ground rent to be met annual, this is usually not a significant amount, say around £50-£100 but you need to enquire it because occasionally it could be many hundreds of pounds. Can you tell me if there are any major works anticipated that could add a premium to the maintenance fees?

Other Topics

Lease Extensions in Crediton