Common questions relating to Lydney leasehold conveyancing
I am in need of some leasehold conveyancing in Lydney. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Lydney - 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.
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Lydney. I need to extend my lease but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the lessor. For most situations an enquiry agent would be helpful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Lydney.
I've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Lydney. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Lydney ?
The majority of houses in Lydney are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Lydney in which case you should be looking for a Lydney conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder 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’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
If all goes to plan we aim to complete our sale of a £350000 apartment in Lydney next week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Lydney?
Lydney conveyancing on leasehold flats often involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They are at liberty levy a reasonable charge for answering 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 above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Are there common problems that you encounter in leases for Lydney properties?
There is nothing unique about leasehold conveyancing in Lydney. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- 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
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Lydney Leasehold Conveyancing - A selection of Queries Prior to buying
Are there any major works anticipated that will add a premium to the maintenance costs?
If a Lydney lease has fewer than eighty years it will affect the value of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will need to own the residence for 24 months before you are entitled to carry out a lease extension.
Best to be warned if fixing the lift or some other significant cost is anticipated to be shared between the leaseholders and may well dramatically increase the the maintenance fees or require a specific invoice.