Recently asked questions relating to Frampton Cotterell leasehold conveyancing
There are only 72 years unexpired on my lease in Frampton Cotterell. I need to extend my lease but my freeholder is can not be found. What are my options?
If you meet the appropriate requirements, 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. For most situations an enquiry agent may be useful to carry out a search and prepare 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 solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Frampton Cotterell.
Last month I purchased a leasehold house in Frampton Cotterell. Do I have any liability for service charges for periods before my ownership?
In a situation 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. It is an essential part 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).
I am employed by a reputable estate agent office in Frampton Cotterell where we see a few flat sales derailed as a result of short leases. I have received contradictory information from local Frampton Cotterell conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Can you offer any advice when it comes to finding a Frampton Cotterell conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Frampton Cotterell conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Frampton Cotterell conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How many lease extensions has the firm completed in Frampton Cotterell in the last year?
What makes a Frampton Cotterell lease unmortgageable?
There is nothing unique about leasehold conveyancing in Frampton Cotterell. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements 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
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Aldermore all have very detailed conveyancing instructions 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 grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Frampton Cotterell - A selection of Queries Prior to Purchasing
Are any of leasehold owners in arrears of their service charge liability?
If a Frampton Cotterell lease has fewer than eighty years it will impact the salability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. For most Frampton Cotterelllease extensions you will need to own the property for a couple of years before you are eligible to extend the lease.
Are there any major works on the horizon that will likely add a premium to the service fees?