Examples of recent questions relating to leasehold conveyancing in Fenny Stratford
I have recently realised that I have 62 years unexpired on my lease in Fenny Stratford. I am keen to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, 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 mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. For most situations an enquiry agent should be helpful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Fenny Stratford.
Looking forward to complete next month on a garden flat in Fenny Stratford. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Fenny Stratford should include some of the following:
- You should receive a copy of the lease
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 been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Fenny Stratford. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Fenny Stratford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Fenny Stratford in which case you should be looking for a Fenny Stratford conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I am attracted to a couple of maisonettes in Fenny Stratford both have approximately forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I work for a busy estate agency in Fenny Stratford where we see a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Fenny Stratford conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Fenny Stratford Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent employed by the leaseholders.
Is there a share of the freehold?
On the whole the cost for major works are not included within service charges, albeit that there some managing agents in Fenny Stratford ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.