Examples of recent questions relating to leasehold conveyancing in North Newbald
I am intending to rent out my leasehold apartment in North Newbald. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in North Newbald do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I have recently realised that I have 72 years unexpired on my flat in North Newbald. I am keen to get lease extension but my freeholder 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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. In some cases an enquiry agent would be helpful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing North Newbald.
I own a leasehold house in North Newbald. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in North Newbald who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a North Newbald conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of flats in North Newbald both have about 50 years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
What makes a North Newbald lease unmortgageable?
Leasehold conveyancing in North Newbald is not unique. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. HSBC Bank, Bank of Scotland, and Bank of Ireland 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, obliging the purchaser to withdraw.
North Newbald Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
How much is the yearly service fee and ground rent?
Make sure you find out if the the lease contains any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in North Newbald. If you like the flatin North Newbald however your dog can’t make the move with you then you have a very difficult compromise.
It is important to be aware if window replacement or some other major work is due in the near future that will be shared amongst the tenants and will materially increase the the service charges or require a one time payment.