Sample questions relating to Leighton Buzzard leasehold conveyancing
I am in need of some leasehold conveyancing in Leighton Buzzard. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Leighton Buzzard - then the leasehold title will always include the basic details 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 Sixty One years unexpired on my lease in Leighton Buzzard. I need to get lease extension but my landlord is missing. What should I do?
On the basis that 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 enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. In some cases a specialist may be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court covering Leighton Buzzard.
Back In 2004, I bought a leasehold flat in Leighton Buzzard. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Leighton Buzzard who previously acted has long since retired.Do I pay?
First contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Leighton Buzzard conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of maisonettes in Leighton Buzzard which have about fifty years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Leighton Buzzard is a deteriorating 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 property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. 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 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 Leighton Buzzard 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.
If all goes to plan we aim to complete the disposal of our £150000 apartment in Leighton Buzzard in six days. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Leighton Buzzard?
Leighton Buzzard conveyancing on leasehold maisonettes ordinarily involves fees being levied by management companies :
- Answering pre-contract enquiries
- Where consent is required before sale in Leighton Buzzard
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leighton Buzzard Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
In the main the outlay for major works are not built into the service charges, although a few managing agents in Leighton Buzzard require tenants to contribute towards a sinking fund created for the specific intention of establishing a fund for major works.
Who is in charge of the building?
If a Leighton Buzzard lease has less than eighty years it will have adverse implications on the salability of the property. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you will be be obliged to have been the owner of the residence for 24 months in order to be eligible to extend the lease.