There are only Sixty One years unexpired on my flat in Fenstanton. I am keen to get lease extension but my freeholder is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission 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 demonstrate that you or your lawyers have used your best endeavours to locate the lessor. On the whole a specialist would be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Fenstanton.

Expecting to exchange soon on a garden flat in Fenstanton. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Fenstanton should include some of the following:

• The total extent of the demise. This will be the property itself but may include a loft or basement if applicable.
• Will you be prohibited or prevented from having pets in the property?
• Does the lease prevent you from subletting the flat, or working from home
• You need to be told what counts as a Nuisance in the lease
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• Responsibility for repairing the window frames

I am attracted to a two apartments in Fenstanton both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Fenstanton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. 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 premises 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 Fenstanton 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.

I've recently bought a leasehold property in Fenstanton. 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Are there frequently found deficiencies that you encounter in leases for Fenstanton properties?

Leasehold conveyancing in Fenstanton is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

Fenstanton Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing