Recently asked questions relating to Newbury Park leasehold conveyancing
I am in need of some leasehold conveyancing in Newbury Park. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Newbury Park - 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.
There are only 72 years left on my lease in Newbury Park. I now want to get lease extension but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, 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 mean that your lease can be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the lessor. For most situations a specialist should 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 wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Newbury Park.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Newbury Park. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Newbury Park ?
The majority of houses in Newbury Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Newbury Park in which case you should be looking for a Newbury Park conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I am looking at a couple of maisonettes in Newbury Park both have approximately 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Newbury Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. 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 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 Newbury Park 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 have tried to negotiate informally with with my landlord to extend my lease without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Newbury Park conveyancing firm to assist?
Most certainly. We can put you in touch with a Newbury Park conveyancing firm who can help.
An example of a Lease Extension decision for a Newbury Park property is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The the unexpired term as at the valuation date was 60.29 years.
What makes a Newbury Park lease problematic?
Leasehold conveyancing in Newbury Park is not unique. Most leases are individual 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:
- A provision to repair to or maintain elements 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.