Top Five Questions relating to Fenny Stratford leasehold conveyancing
I only have Fifty years left on my lease in Fenny Stratford. I now wish to extend my lease 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 an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have done all that could be expected to find the lessor. For most situations an enquiry agent may be useful to conduct investigations and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Fenny Stratford.
I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Fenny Stratford. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Fenny Stratford ?
The majority of houses in Fenny Stratford are freehold rather than 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 buying in Fenny Stratford in which case you should be shopping around for a Fenny Stratford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold flat in Fenny Stratford. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Fenny Stratford who previously acted has now retired.What should I do?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Fenny Stratford conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Fenny Stratford where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Fenny Stratford conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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 can avoid having to wait 2 years to extend their lease. 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 disposal of the property.
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 purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £ 500000 flat in Fenny Stratford in 10 days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Fenny Stratford?
For most leasehold sales in Fenny Stratford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Fenny Stratford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Fenny Stratford - A selection of Queries before Purchasing
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You should be aware that where the lease has no more than 80 years it will impact the salability of the property. Check with your bank that they are content with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. For most Fenny Stratfordlease extensions you would be be obliged to have owned the property for two years in order to be legally able to extend the lease.
Its a good idea to find out as much as possible about the company managing the block as they will impact 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 day to day issues like the tidiness of the common parts. Ask other tenants if they are happy with their service. In conclusion, investigate as to the dates that the service charges are due to the relevant party and precisely what you get for your money.