Examples of recent questions relating to leasehold conveyancing in Dunmow
Having checked my lease I have discovered that there are only 72 years unexpired on my flat in Dunmow. I now wish to get lease extension but my freeholder is absent. What should I do?
If you qualify, 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 enable the lease to be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. On the whole a specialist would be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Dunmow.
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Dunmow. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Dunmow ?
The majority of houses in Dunmow are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Dunmow so you should seriously consider looking for a Dunmow conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I own a leasehold flat in Dunmow. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Dunmow who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Dunmow conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Dunmow which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Dunmow is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Dunmow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to choosing a Dunmow conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Dunmow conveyancing firm) 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 two or three firms including non Dunmow 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:
- How familiar is the firm with lease extension legislation?
Dunmow Leasehold Conveyancing - Sample of Queries before buying
The prefered form of lease structure is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.
Does the lease have onerous restrictions?
Plenty Dunmow leasehold flats will incur a service charge for maintenance of the block levied on behalf of the freeholder. Where you acquire the property you will have to meet this charge, usually periodically throughout the year. This can be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge for you to pay annual, normally this is not a large sum, say around £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds.