I have recently realised that I have 68 years remaining on my flat in Ferryside. I now want to extend my lease but my landlord is can not be found. What options are available to me?

If 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 extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist would be helpful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Ferryside.

Planning to sign contracts shortly on a studio apartment in Ferryside. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

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

• The total extent of the premises. This will be the property itself but could also include a loft or basement if applicable.

I own a leasehold flat in Ferryside. Conveyancing and Godiva Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Ferryside who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Ferryside conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Ferryside both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Ferryside is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat 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 Ferryside 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 the agreed 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 house in Ferryside. Do I have any liability for service charges relating to a period prior to 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 be sure 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).

Leasehold Conveyancing in Ferryside - Examples of Queries Prior to Purchasing

This information is important as a) areas could cause problems for the building as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to have all the details How is the lease structured? For many Ferryside leaseholds the cost for major works are not wrapped into the maintenance charges, albeit that a few managing agents in Ferryside ask tenants to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance.

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Lease Extensions in Ferryside