I am on look out for some leasehold conveyancing in Harbury. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Harbury - then the leasehold title will always include the basic details 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 62 years remaining on my lease in Harbury. I now want to extend my lease but my landlord is absent. What options are available to me?

If 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 extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent should be helpful to try and locate and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Harbury.

I have just started marketing my 2 bed apartment in Harbury.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 management companies will not acknowledge the buyer until 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 hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Harbury. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Harbury ?

The majority of houses in Harbury are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Harbury so you should seriously consider shopping around for a Harbury conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am looking at a couple of flats in Harbury which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Harbury is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Harbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Leasehold Conveyancing in Harbury - Examples of Questions you should ask Prior to Purchasing

Who is in charge of the block? What is the the remaining lease term? If a Harbury lease has less than eighty years it will have adverse implications on the salability of the apartment. Check with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Harburylease extensions you will be be obliged to have owned the residence for two years before you are eligible to extend the lease.

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Lease Extensions in Harbury