Common questions relating to Ingatestone leasehold conveyancing
There are only 68 years unexpired on my lease in Ingatestone. I need to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 Court. However, you will be required to prove that you have made all reasonable attempts to find the freeholder. In some cases a specialist would be useful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Ingatestone.
I am hoping to exchange soon on a ground floor flat in Ingatestone. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ingatestone should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
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 more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Ingatestone. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Ingatestone are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Ingatestone so you should seriously consider shopping around for a Ingatestone conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.
I am a negotiator for a reputable estate agency in Ingatestone where we have witnessed a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Ingatestone conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that 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 buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 Ingatestone conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Ingatestone conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Ingatestone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Leasehold Conveyancing in Ingatestone - A selection of Queries Prior to Purchasing
The best form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent retained by the leaseholders.
Who are the managing agents?
It is important to be aware if changing the roof or some other significant cost is due shortly to be shared between the leasehold owners and may well materially increase the the maintenance costs or necessitate a specific invoice.