Sample questions relating to Peterborough leasehold conveyancing
I am on look out for some leasehold conveyancing in Peterborough. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
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 Sixty One years remaining on my lease in Peterborough. I now wish to extend my lease but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the landlord. On the whole a specialist may be helpful to conduct investigations and to produce a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Peterborough.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Peterborough.Conveyancing has not commenced but I have just had a yearly service charge demand – Do I pay up?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a couple of flats in Peterborough which have in the region of 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Peterborough. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
What makes a Peterborough lease unmortgageable?
There is nothing unique about leasehold conveyancing in Peterborough. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. 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 premises
- Insurance obligations
- 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
You will 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. Birmingham Midshires, Coventry Building Society, and Britannia all have very detailed conveyancing instructions 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.
Leasehold Conveyancing in Peterborough - A selection of Questions you should ask before Purchasing
What is the annual maintenance fee and ground rent?
How many of the leaseholders are in arrears for their service charge payments?
It would be prudent to investigate if there are any onerous prohibitions in the lease. For instance it is fairly common in Peterborough leases that pets are not permitted in in a block in Peterborough. If you love the apartmentin Peterborough yet your dog can’t move with you then you have a very difficult compromise.