Recently asked questions relating to Flint leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Flint. I need to extend my lease but my freeholder is can not be found. 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Flint.
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Flint. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Flint ?
The majority of houses in Flint are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Flint so you should seriously consider looking for a Flint conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I own a leasehold flat in Flint. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Flint who acted for me is not around.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Flint conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Flint both have in the region of forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Flint is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. 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 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 property 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 Flint 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.
What are the frequently found problems that you see in leases for Flint properties?
There is nothing unique about leasehold conveyancing in Flint. Most leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
Flint Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
How is the lease structured?
What is the service charge and ground rent on the property?
On the whole the cost for major works are not wrapped into the maintenance charges, albeit that some managing agents in Flint ask leasehold owners to pay into a reserve fund and this is used to offset against major works.