Pangbourne leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Pangbourne. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Pangbourne - then the leasehold title will always include the short particulars 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 only have Fifty years left on my lease in Pangbourne. I now want to extend my lease but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 or your lawyers have made all reasonable attempts to find the landlord. In some cases a specialist should be helpful to carry out a search and to produce a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Pangbourne.
I am employed by a reputable estate agent office in Pangbourne where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Pangbourne conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that 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. This means that the buyer 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 before, or simultaneously with completion of the sale.
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 are your top tips when it comes to choosing a Pangbourne conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Pangbourne conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Pangbourne conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Are there frequently found defects that you witness in leases for Pangbourne properties?
There is nothing unique about leasehold conveyancing in Pangbourne. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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. HSBC Bank, The Mortgage Works, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Pangbourne Leasehold Conveyancing - Sample of Queries before Purchasing
The answer will be helpful as a) areas can cause problems in the block as the communal areas may begin to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it
Is anyone aware of any major works on the horizon that could increase the maintenance fees?
The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained if it is bigger than a house conversion, the managing agent retained by the leaseholders.