I am on look out for some leasehold conveyancing in Peterborough. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Peterborough - 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 72 years left on my lease in Peterborough. I now want to get lease extension but my freeholder 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 magistrate. However, you will be required to prove that you have done all that could be expected to track down the landlord. On the whole a specialist should be useful to try and locate and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Peterborough.

Looking forward to exchange soon on a studio apartment in Peterborough. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Peterborough should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I am looking at a two flats in Peterborough which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

What makes a Peterborough lease problematic?

Leasehold conveyancing in Peterborough is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• 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

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Norwich and Peterborough Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Leasehold Conveyancing in Peterborough - Examples of Queries before Purchasing

It is important to be aware if a new roof is being put on or some other significant cost is due shortly to be shared amongst the tenants and will materially impact the level of the service fees or result in a specific payment. Its a good idea to discover as much as you can about the company managing the block as they can either make living at the property much easier or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the communal areas. Don't be afraid to ask other tenants what they think of their service. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending the funds. This question is useful as a) areas could result in problems for the building as the common areas may begin to deteriorate where repairs remain unpaid b) if the tenants have an issue with the managing agents you will want to have all the details

Other Topics

Lease Extensions in Peterborough