I only have Seventy years unexpired on my lease in Ivybridge. I need to get lease extension but my freeholder is absent. What are my options?

If you meet the appropriate requirements, 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 mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist may be useful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Ivybridge.

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Ivybridge. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ivybridge ?

Most houses in Ivybridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Ivybridge so you should seriously consider shopping around for a Ivybridge conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

I am looking at a couple of flats in Ivybridge which have in the region of fifty years left on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies 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 arena

I am employed by a long established estate agency in Ivybridge where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Ivybridge conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

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 sit tight for 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.

What makes a Ivybridge lease problematic?

There is nothing unique about leasehold conveyancing in Ivybridge. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• 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

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Aldermore all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.

Ivybridge Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying

Does the lease contain onerous restrictions? Its a good idea to discover as much as possible concerning the company managing the block as they will either make living at the property much simpler or a lot more difficult. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the cleanliness of the communal areas. Enquire of prospective neighbours if they are happy with their management. In conclusion, be sure you know the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending the funds. What is the service charge and ground rent on the apartment?

Other Topics

Lease Extensions in Ivybridge