Common questions relating to Laindon leasehold conveyancing
I am on look out for some leasehold conveyancing in Laindon. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Laindon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I only have Fifty years remaining on my lease in Laindon. I am keen to get lease extension but my landlord is missing. 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 an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to locate the freeholder. On the whole a specialist should be useful to try and locate and to produce a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Laindon.
I am hoping to exchange soon on a leasehold property in Laindon. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Laindon should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Laindon. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Laindon are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Laindon in which case you should be looking for a Laindon conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of apartments in Laindon both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Laindon is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under eighty 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 premises 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 a residence 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 Laindon 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 any new 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.
Leasehold Conveyancing in Laindon - A selection of Queries Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is bigger than a house conversion, the managing agent retained by the leaseholders.
Does the lease contain onerous restrictions?
How much is the ground rent and service charge?