Mancot leasehold conveyancing: Q and A’s
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Mancot. I now want to get lease extension but my landlord is can not be found. What are my options?
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 extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. For most situations a specialist should be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Mancot.
I have just appointed agents to market my basement apartment in Mancot.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – what should I do?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Mancot. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Mancot who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Mancot conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Mancot both have about fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Mancot is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Mancot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What are the common deficiencies that you encounter in leases for Mancot properties?
Leasehold conveyancing in Mancot is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Mancot Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
Are there any major works on the horizon that will likely increase the service fees?
Many Mancot leasehold apartments will have a service bill for maintenance of the building set on behalf of the landlord. If you purchase the property you will have to meet this charge, usually quarterly accross the year. This could be anything from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, normally this is not a exorbitant figure, say approximately £50-£100 but you need to check it because on occasion it could be many hundreds of pounds.
Is the freehold owned jointly by the tenants?