Examples of recent questions relating to leasehold conveyancing in North Newbald
My wife and I may need to rent out our North Newbald 1st floor flat temporarily due to taking a sabbatical. We used a North Newbald conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the freeholder and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in North Newbald do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
There are only 72 years left on my lease in North Newbald. I am keen to get lease extension but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the landlord. On the whole a specialist may be useful to conduct investigations and to produce a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering North Newbald.
Looking forward to exchange soon on a ground floor flat in North Newbald. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in North Newbald should include some of the following:
- Are you allowed to have a pet in the flat?
My wife and I purchased a leasehold house in North Newbald. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in North Newbald who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a North Newbald conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in North Newbald both have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in North Newbald is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 North Newbald 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
North Newbald Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
Please tell me if there are any major works anticipated that will add a premium to the service fees?
What restrictions are contained in the North Newbald Lease?
Best to be warned whether fixing the lift or some other major work is pending to be shared between the tenants and could well materially increase the the service fees or result in a specific invoice.