Having had my offer accepted I require leasehold conveyancing in Gosforth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Gosforth - 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.

Due to sign contracts shortly on a leasehold property in Gosforth. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Gosforth should include some of the following:

• You should receive a copy of the lease

Back In 2006, I bought a leasehold house in Gosforth. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Gosforth who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Gosforth conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two maisonettes in Gosforth both have about fifty years remaining on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

I am a negotiator for a reputable estate agency in Gosforth where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Gosforth conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

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.

Gosforth Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

The answer will be helpful as a) areas can result in problems in the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to have all the details Does the lease include onerous restrictions? The prefered form of lease structure is a share of the freehold. In this arrangement the lessees have control and even though a managing agent is frequently employed where it is larger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Gosforth