Top Five Questions relating to Deeside leasehold conveyancing
I am in need of some leasehold conveyancing in Deeside. Before I get started 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 Deeside - then the leasehold title will always include the basic details 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 lease in Deeside. I am keen to get lease extension but my landlord is absent. What should I do?
On the basis that you qualify, 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 Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist may be helpful to try and locate and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Deeside.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Deeside. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Deeside ?
The majority of houses in Deeside are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Deeside in which case you should be shopping around for a Deeside conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I work for a reputable estate agency in Deeside where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Deeside conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. 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 buyer.
Completion in due on the disposal of our £225000 apartment in Deeside on Thursday in a week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Deeside?
Deeside conveyancing on leasehold apartments often involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
Deeside Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
Please note if it is no more than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. 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 would need to own the residence for two years before you are eligible to exercise a lease extension.
You will want to discover as much as you can about the managing agents as they will either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Enquire of other tenants what they think of them. In conclusion, investigate as to the dates that the maintenance fees are due to the managing agents and specifically how they are spending the funds.
Who is in charge of the block?