Top Five Questions relating to Halkyn leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Halkyn. I am keen to extend my lease but my landlord is can not be found. What should I do?
On the basis that you qualify, 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be helpful to conduct investigations and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Halkyn.
I am attracted to a couple of flats in Halkyn which have in the region of fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I work for a busy estate agent office in Halkyn where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Halkyn conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
Can you offer any advice when it comes to appointing a Halkyn conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Halkyn conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Halkyn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions has the firm conducted in Halkyn in the last 12 months?
What are the common deficiencies that you encounter in leases for Halkyn properties?
There is nothing unique about leasehold conveyancing in Halkyn. Most leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Clydesdale all have express 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 provide security, obliging the buyer to withdraw.
Leasehold Conveyancing in Halkyn - Sample of Queries Prior to buying
Best to be warned whether window replacement or some other major work is anticipated to be shared between the leasehold owners and could well materially impact the level of the maintenance charges or necessitate a specific invoice.
Be sure to discover if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Halkyn. If you like the propertyin Halkyn but your cat can’t move with you then you will be presented with a hard compromise.
Generally speaking the cost for major works are not included within service charges, although a few managing agents in Halkyn ask tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works.