Recently asked questions relating to Milnthorpe leasehold conveyancing
I have recently realised that I have Fifty years remaining on my flat in Milnthorpe. I now want to get lease extension but my landlord is missing. What should I do?
On the basis that 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have used your best endeavours to locate the freeholder. On the whole an enquiry agent should be helpful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Milnthorpe.
Expecting to sign contracts shortly on a garden flat in Milnthorpe. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Milnthorpe should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I have just appointed agents to market my garden apartment in Milnthorpe.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – what should I do?
The sensible thing to do is discharge the invoice 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 until 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. This will smooth the conveyancing process.
I am employed by a busy estate agency in Milnthorpe where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Milnthorpe conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What makes a Milnthorpe lease defective?
There is nothing unique about leasehold conveyancing in Milnthorpe. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Godiva Mortgages 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 defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Milnthorpe - Sample of Questions you should consider Prior to Purchasing
Its a good idea to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day matters like the cleanliness of the common parts. Enquire of other people what they think of their service. Finally, find out the dates that the maintenance charges are due to the managing agents and specifically what it includes.
Are any of leasehold owners in dispute over their service charge payments?
It is important to be aware if window replacement or some other significant cost is pending that will be shared by the leasehold owners and could well dramatically increase the the service fees or necessitate a one time payment.