I am on look out for some leasehold conveyancing in Flint Mountain. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Flint Mountain - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I only have 72 years remaining on my lease in Flint Mountain. I am keen to get lease extension but my freeholder is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. In some cases a specialist would be helpful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering Flint Mountain.

I am looking at a two maisonettes in Flint Mountain both have in the region of 50 years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Flint Mountain is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with less than 75 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 Flint Mountain conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Last month I purchased a leasehold flat in Flint Mountain. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner 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).

What makes a Flint Mountain lease problematic?

There is nothing unique about leasehold conveyancing in Flint Mountain. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Leasehold Conveyancing in Flint Mountain - Sample of Questions you should consider before buying

Plenty Flint Mountain leasehold flats will be liable to pay a service charge for maintenance of the block levied by the management company. Should you buy the flat you will have to meet this charge, usually in instalments accross the year. This can be anything from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a ground rent to be met yearly, this is usually not a large sum, say about £25-£75 but you should to check it because sometimes it could be many hundreds of pounds. In the main the outlay for major works tend not to be included within maintenance charges, although some managing agents in Flint Mountain require leasehold owners to pay into a reserve fund created for the specific purpose of establishing a fund for larger works. The best form of lease structure is if the freehold reversion is owned by the leaseholders. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders.

Other Topics

Lease Extensions in Flint Mountain