I am in need of some leasehold conveyancing in Lakenham. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Lakenham - 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.

There are only 68 years left on my lease in Lakenham. I now wish to get lease extension but my freeholder is absent. What options are available to me?

If 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 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 locate the lessor. For most situations an enquiry agent should be helpful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Lakenham.

I work for a reputable estate agent office in Lakenham where we see a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Lakenham conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. 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.

Alternatively, it may be possible 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 our sale of a £300000 maisonette in Lakenham on Monday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Lakenham?

Lakenham conveyancing on leasehold maisonettes nine out of ten times necessitates fees being raised by freeholders :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Lakenham
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Lakenham leasehold premises is £350. For Lakenham conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

When it comes to leasehold conveyancing in Lakenham what are the most common lease problems?

Leasehold conveyancing in Lakenham is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Lakenham - Sample of Questions you should ask Prior to Purchasing

How much is the ground rent and service charge? The answer will be important as a) areas can cause problems in the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to have complete disclosure Is the freehold reversion owned collectively by the leaseholders?

Other Topics

Lease Extensions in Lakenham