Recently asked questions relating to Lechlade leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years remaining on my lease in Lechlade. I now want to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent may be useful to try and locate and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Lechlade.
I have just appointed agents to market my 2 bed flat in Lechlade.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice 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 until 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Lechlade. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Lechlade ?
The majority of houses in Lechlade are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Lechlade so you should seriously consider looking for a Lechlade conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Lechlade which have about 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Lechlade is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive 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 Lechlade 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.
Can you provide any advice for leasehold conveyancing in Lechlade with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lechlade can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Lechlade state that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such changes. Where you dont have the approvals to hand you should not communicate with the landlord without contacting your lawyer first.
Lechlade Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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In the main the cost for major works tend not to be built into the maintenance charges, although a few managing agents in Lechlade obliged leasehold owners to contribute towards a reserve fund created for the specific purpose of building a fund for major works.
How many years are left on the lease?
What restrictions exist in the Lechlade Lease?
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