Having had my offer accepted I require leasehold conveyancing in Hayling Island. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Hayling Island - 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.

I only have 68 years remaining on my lease in Hayling Island. I need to get lease extension but my landlord is can not be found. What options are available to me?

If 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 lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. In some cases a specialist may be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Hayling Island.

I am looking at a couple of apartments in Hayling Island which have in the region of 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Hayling Island is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 Hayling Island 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.

Can you offer any advice when it comes to finding a Hayling Island conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Hayling Island conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Hayling Island conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the firm with lease extension legislation?

What makes a Hayling Island lease unmortgageable?

There is nothing unique about leasehold conveyancing in Hayling Island. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• 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. Lloyds TSB Bank, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Hayling Island Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

Be sure to enquire if the the lease contains any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Hayling Island. If you love the propertyin Hayling Island however your cat can’t make the move with you then you will be presented with a hard determination. Best to be warned if window replacement or some other significant cost is anticipated to be shared amongst the leaseholders and could well materially increase the the service costs or result in a specific payment. In the main the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Hayling Island ask leasehold owners to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.

Other Topics

Lease Extensions in Hayling Island