Common questions relating to Long Eaton leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Long Eaton. I now want to extend my lease but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. For most situations an enquiry agent should be helpful to try and locate and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Long Eaton.
Expecting to sign contracts shortly on a leasehold property in Long Eaton. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Long Eaton should include some of the following:
- Defining your legal entitlements in relation to common areas in the block.E.G., does the lease permit a right of way over an accessway or staircase?
I am employed by a reputable estate agency in Long Eaton where we see a number of flat sales derailed as a result of short leases. I have received contradictory information from local Long Eaton conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Completion in due on our sale of a £250000 garden flat in Long Eaton next Tuesday . The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Long Eaton?
Long Eaton conveyancing on leasehold apartments usually involves fees being levied by management companies :
- Answering pre-contract enquiries
- Where consent is required before sale in Long Eaton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Long Eaton what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Long Eaton. All leases are unique and drafting errors can result in certain sections are missing. 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and TSB all have express 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, obliging the buyer to withdraw.
Long Eaton Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
How much is the maintenance charge and ground rent on the apartment?
How many of the leaseholders are in arrears for their service charge payments?
The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants have control and although a managing agent is usually retained if the building is bigger than a house conversion, the managing agent employed by the leaseholders.