Common questions relating to Northumberland Heath leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Northumberland Heath. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Northumberland Heath - then the leasehold title will always include the short particulars 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 68 years unexpired on my lease in Northumberland Heath. I need to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, 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 enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent should be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court overseeing Northumberland Heath.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Northumberland Heath. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Northumberland Heath ?
Most houses in Northumberland Heath 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 Northumberland Heath in which case you should be shopping around for a Northumberland Heath conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am attracted to a couple of apartments in Northumberland Heath which have approximately forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Despite our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Northumberland Heath. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the premium.
An example of a Lease Extension matter before the tribunal for a Northumberland Heath premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired term was 76 years.
What are the frequently found defects that you come across in leases for Northumberland Heath properties?
There is nothing unique about leasehold conveyancing in Northumberland Heath. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.