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Common questions relating to Leven leasehold conveyancing

I only have Seventy years remaining on my lease in Leven. I now wish 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 mean that your lease can be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to track down the lessor. On the whole a specialist should be helpful to conduct investigations and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Leven.

I am tempted by the attractive purchase price for a two flats in Leven which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Leven is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers 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 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 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 Leven 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.

I've recently bought a leasehold flat in Leven. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to appointing a Leven conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Leven conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Leven conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions have they completed in Leven in the last 12 months?

    • Do you have any top tips for leasehold conveyancing in Leven with the intention of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Leven can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
    • The majority landlords or Management Companies in Leven levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Leven.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Leven leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your lawyer before hand.
  • Some Leven leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to ongoing.

    • Leven Leasehold Conveyancing - A selection of Queries before buying

      What is the annual maintenance fee and ground rent? This question is important as a) areas could result in problems in the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will wish to have full disclosure It would be a good idea to enquire if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Leven. If you like the propertyin Leven however your cat is not allowed to move with you then you have a very hard compromise.

    Other Topics

    Lease Extensions in Leven