Examples of recent questions relating to leasehold conveyancing in Gamlingay
There are only 62 years left on my flat in Gamlingay. I am keen to get lease extension but my freeholder is missing. What are my options?
On the basis that 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 used your best endeavours to locate the freeholder. On the whole a specialist may be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Gamlingay.
Planning to exchange soon on a leasehold property in Gamlingay. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Gamlingay should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my basement flat in Gamlingay.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two apartments in Gamlingay which have in the region of 50 years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Gamlingay is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. 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 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 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 Gamlingay 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 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.
When it comes to leasehold conveyancing in Gamlingay what are the most frequent lease defects?
Leasehold conveyancing in Gamlingay is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and TSB 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, forcing the buyer to pull out.
Gamlingay Leasehold Conveyancing - Examples of Queries before buying
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Where a Gamlingay lease has less than eighty years it will impact the salability of the apartment. 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 almost definitely need a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Gamlingaylease extensions you will be required to have owned the residence for two years in order to be eligible to extend the lease.
How long is the Lease?
Are any of leasehold owners in arrears of their service charge payments?
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