Top Five Questions relating to Kempston leasehold conveyancing
I have recently realised that I have Seventy years left on my flat in Kempston. I need to extend my lease but my landlord is missing. What options are available to me?
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 mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Kempston.
I've recently bought a leasehold house in Kempston. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a busy estate agent office in Kempston where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Kempston conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £175000 apartment in Kempston in nine days. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Kempston?
For most leasehold sales in Kempston conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Kempston
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Kempston what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Kempston. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Kempston Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
You should want to discover as much as possible about the company managing the block as they will either make your living at the property much simpler or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to every day issues like the cleanliness of the common parts. You should not be afraid to ask prospective neighbours if they are happy with their service. In conclusion, investigate as to the dates that the maintenance fees are due to the managing agents and specifically what it includes.
Does the lease include onerous restrictions?
It would be a good idea to enquire if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being allowed in in a block in Kempston. If you like the propertyin Kempston yet your dog can’t make the move with you then you will be faced hard decision.