Frequently asked questions relating to Kelsall leasehold conveyancing
There are only Seventy years remaining on my flat in Kelsall. I now wish to get lease extension but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, 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 enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. In some cases a specialist should be useful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Kelsall.
Estate agents have just been given the go-ahead to market my basement apartment in Kelsall.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice 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 be perfect, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Kelsall. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Kelsall are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Kelsall in which case you should be looking for a Kelsall conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am attracted to a two apartments in Kelsall which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I work for a reputable estate agent office in Kelsall where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Kelsall conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
Leasehold Conveyancing in Kelsall - A selection of Questions you should consider Prior to buying
Be sure to discover if the the lease includes any adverse restrictions in the lease. For example it is reasonably common in Kelsall leases that pets are not allowed in in a block in Kelsall. If you love the propertyin Kelsall but your cat is not allowed to live with you then you will be presented with a hard choice.
What is the service charge and ground rent on the property?
Best to be warned whether redecorating or some other significant cost is anticipated to be shared by the tenants and will dramatically increase the the maintenance fees or necessitate a one time invoice.