Questions and Answers: Fishponds leasehold conveyancing
Planning to complete next month on a leasehold property in Fishponds. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fishponds should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Fishponds. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Fishponds are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Fishponds so you should seriously consider shopping around for a Fishponds conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
Back In 2003, I bought a leasehold flat in Fishponds. Conveyancing and Clydesdale 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 1995. The conveyancing solicitor in Fishponds who acted for me is not around.What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Fishponds conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two apartments in Fishponds both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Fishponds. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a busy estate agency in Fishponds where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Fishponds conveyancing solicitors. Could you confirm whether the owner of a flat can start 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
Fishponds Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
You should be aware that where the lease has fewer than 80 years it will affect the value of the flat. It is worth checking with your mortgage company that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Fishpondslease extensions you would need to own the premises for 24 months before you are entitled to extend the lease.
Be sure to discover if the the lease includes any adverse restrictions in the lease. For example it is reasonably common in Fishponds leases that pets are not permitted in in a block in Fishponds. If you like the flatin Fishponds however your cat is not allowed to live with you then you will be presented with a difficult choice.
The best form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.