Sample questions relating to Kimbolton leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Kimbolton. I now want to extend my lease but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole a specialist may be useful to try and locate and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Kimbolton.
Estate agents have just been given the go-ahead to market my basement apartment in Kimbolton.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 unless 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.
My wife and I purchased a leasehold flat in Kimbolton. Conveyancing and Aldermore mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Kimbolton who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Kimbolton conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Kimbolton which have about forty five years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Kimbolton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kimbolton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to finding a Kimbolton conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Kimbolton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Kimbolton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Leasehold Conveyancing in Kimbolton - Sample of Queries before buying
Can you tell me if there are any major works anticipated that will increase the service fees?
Does the lease include onerous restrictions?
Please note that where the lease has no more than eighty years it will have adverse implications on the salability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for a couple of years in order to be eligible to carry out a lease extension.