Top Five Questions relating to Kempston leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Kempston. I am keen to get lease extension but my landlord is missing. What should I do?
If you qualify, 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 mean that your lease can be extended by the Court. You will be obliged to prove that you have done all that could be expected to track down the landlord. On the whole a specialist should be useful to conduct investigations and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Kempston.
Due to exchange soon on a garden flat in Kempston. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Kempston should include some of the following:
- You should be sent a copy of the lease
I am tempted by the attractive purchase price for a couple of flats in Kempston which have in the region of fifty years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold house in Kempston. Am I liable to pay service charges for periods before completion of my purchase?
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).
Can you offer any advice when it comes to finding a Kempston conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Kempston conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Kempston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- Can they put you in touch with client in Kempston who can give a testimonial?
Leasehold Conveyancing in Kempston - Examples of Queries Prior to buying
How is the lease structured?
You should be aware if it is less than eighty years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the premises for 24 months in order to be eligible to exercise a lease extension.
What is the name of the managing agents?