Frequently asked questions relating to Linslade leasehold conveyancing
I have recently realised that I have Sixty One years left on my flat in Linslade. I now want to extend my lease but my freeholder is missing. What should I do?
If you meet the appropriate requirements, 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 granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to locate the freeholder. In some cases an enquiry agent may be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Linslade.
I am tempted by the attractive purchase price for a two flats in Linslade both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Linslade. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Linslade conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Linslade conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Linslade conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
If all goes to plan we aim to complete the sale of our £500000 flat in Linslade next Wednesday . The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Linslade?
Linslade conveyancing on leasehold apartments normally necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.
Are there frequently found deficiencies that you encounter in leases for Linslade properties?
Leasehold conveyancing in Linslade is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
Linslade Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
Are any of leasehold owners in arrears of their service charge liability?
The majority of Linslade leasehold apartments will be liable to pay a service bill for the upkeep of the block levied on behalf of the landlord. Where you acquire the property you will have to meet this liability, normally in instalments accross the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a ground rent for you to pay yearly, ordinarily this is not a significant figure, say approximately £25-£75 but you should to enquire it because occasionally it can be surprisingly expensive.
Who are the managing agents?