Malpas leasehold conveyancing: Q and A’s
There are only 72 years left on my lease in Malpas. I now want to extend my lease but my landlord is absent. What are my options?
If you qualify, 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 enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. On the whole an enquiry agent may be helpful to try and locate and prepare an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Malpas.
Looking forward to sign contracts shortly on a ground floor flat in Malpas. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Malpas should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Malpas. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Malpas are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Malpas so you should seriously consider shopping around for a Malpas conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I am a negotiator for a reputable estate agency in Malpas where we have experienced a few flat sales derailed due to short leases. I have received conflicting advice from local Malpas conveyancing firms. Can you shed some light as to whether the vendor of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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 purchaser.
In relation to leasehold conveyancing in Malpas what are the most common lease problems?
Leasehold conveyancing in Malpas is not unique. All leases is drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Barclays Direct all have express 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 grant the mortgage, obliging the purchaser to pull out.
Malpas Conveyancing for Leasehold Flats - Sample of Queries before buying
Its a good idea to discover as much as possible about the managing agents as they can either make your life much easier or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily issues like the tidiness of the common parts. You should not be afraid to ask other tenants what they think of their service. On a final note, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending the funds.
The majority of Malpas leasehold flats will incur a service charge for the upkeep of the block set on behalf of the freeholder. If you purchase the flat you will have to meet this contribution, usually periodically during the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, ordinarily this is not a exorbitant amount, say approximately £50-£100 but you should to check it because occasionally it can be surprisingly expensive.
Are any of leasehold owners in arrears of their service charge liability?