Recently asked questions relating to Penrith leasehold conveyancing
I have recently realised that I have Seventy years left on my lease in Penrith. I am keen to get lease extension but my freeholder is can not be found. 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 enable the lease to be extended by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the lessor. On the whole an enquiry agent would be useful to try and locate and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Penrith.
Expecting to exchange soon on a ground floor flat in Penrith. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Penrith should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I've recently bought a leasehold property in Penrith. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to appointing a Penrith conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Penrith conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Penrith conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
What are the common problems that you come across in leases for Penrith properties?
There is nothing unique about leasehold conveyancing in Penrith. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. 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.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Barclays Direct 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 problematic they may refuse to provide security, obliging the buyer to withdraw.
Penrith Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
-
Is the freehold owned collectively by the leaseholders?
Does the lease have more than 82 years left?
On the whole the cost for major works are not included within maintenance charges, although a few managing agents in Penrith obliged leasehold owners to pay into a reserve fund created for the specific purpose of establishing a fund for larger works.
Other Topics