Due to exchange soon on a ground floor flat in North Shields and Tynemouth. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in North Shields and Tynemouth should include some of the following:

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

Back In 2009, I bought a leasehold house in North Shields and Tynemouth. Conveyancing and Barclays mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in North Shields and Tynemouth who previously acted has long since retired.Any advice?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a North Shields and Tynemouth conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of apartments in North Shields and Tynemouth both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in North Shields and Tynemouth is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 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 Shields and Tynemouth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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 your top tips when it comes to choosing a North Shields and Tynemouth conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a North Shields and Tynemouth conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non North Shields and Tynemouth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How many lease extensions has the firm completed in North Shields and Tynemouth in the last year?

In relation to leasehold conveyancing in North Shields and Tynemouth what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in North Shields and Tynemouth. All leases are individual and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

North Shields and Tynemouth Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

Generally speaking the cost for major works are not included within maintenance charges, although there some managing agents in North Shields and Tynemouth obliged tenants to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. How much is the ground rent and service charge? Who takes responsibility for maintaining and repairing the block?

Other Topics

Lease Extensions in North Shields and Tynemouth