Frequently asked questions relating to Nafferton leasehold conveyancing
I am in need of some leasehold conveyancing in Nafferton. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Nafferton - then the leasehold title will always include the basic details 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.
I have recently realised that I have 62 years unexpired on my lease in Nafferton. I am keen to get lease extension but my freeholder 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 lengthened by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Nafferton.
I am tempted by the attractive purchase price for a two maisonettes in Nafferton which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Nafferton. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a reputable estate agent office in Nafferton where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Nafferton conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
Can you offer any advice when it comes to finding a Nafferton conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Nafferton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Nafferton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- What volume of lease extensions has the firm conducted in Nafferton in the last 12 months?
Nafferton Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
It is important to be aware whether fixing the lift or some other significant cost is pending to be shared by the leaseholders and will dramatically increase the the service fees or necessitate a one time payment.
How many of the leaseholders are in arrears for their maintenance charge payments?
Plenty Nafferton leasehold flats will have a service bill for maintenance of the block set by the freeholder. If you buy the property you will have to pay this contribution, normally quarterly accross the year. This can differ from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge for you to pay annual, normally this is not a large amount, say about £25-£75 but you should to check it because on occasion it could be prohibitively expensive.