Questions and Answers: Hyde leasehold conveyancing
There are only 68 years remaining on my flat in Hyde. I am keen to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent should be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Hyde.
I am attracted to a couple of maisonettes in Hyde both have about 50 years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Hyde conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Hyde conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Hyde conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Hyde from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Hyde can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Hyde leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place you should not contact the landlord without contacting your lawyer in the first instance.
When it comes to leasehold conveyancing in Hyde what are the most frequent lease defects?
Leasehold conveyancing in Hyde is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- 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. Birmingham Midshires, Norwich and Peterborough Building Society, and Nottingham Building Society all have express requirements 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 withdraw.
Hyde Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
What is the name of the managing agents?
The answer will be helpful as a) areas may cause problems in the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to have all the details
What restrictions exist in the Hyde Lease?