There are only Fifty years unexpired on my flat in Peterston Super Ely. I am keen to get lease extension but my freeholder is absent. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole a specialist may be useful to conduct investigations and prepare a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court covering Peterston Super Ely.

I am attracted to a two maisonettes in Peterston Super Ely both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Peterston Super Ely is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Peterston Super Ely 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Last month I purchased a leasehold flat in Peterston Super Ely. 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

Completion in due on the sale of our £375000 garden flat in Peterston Super Ely next week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Peterston Super Ely?

Peterston Super Ely conveyancing on leasehold flats often requires the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to assist. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.

When it comes to leasehold conveyancing in Peterston Super Ely what are the most frequent lease problems?

Leasehold conveyancing in Peterston Super Ely is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements 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 could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and TSB 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

Peterston Super Ely Leasehold Conveyancing - Examples of Queries before Purchasing

Generally speaking the cost for major works tend not to be built into the service charges, albeit that a few managing agents in Peterston Super Ely ask leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance. Are any of leasehold owners in arrears of their service charge payments? The answer will be helpful as a) areas can cause problems for the block as the communal areas may start to deteriorate where repairs remain unpaid b) if the tenants have a dispute with the running of the building you will want to have all the details

Other Topics

Lease Extensions in Peterston Super Ely