I am on look out for some leasehold conveyancing in Petworth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Petworth - then the leasehold title will always include the basic details 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 unexpired on my lease in Petworth. I now want to get lease extension but my freeholder is absent. What should I do?

If 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Petworth.

I am attracted to a two flats in Petworth which have approximately 50 years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Petworth is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Petworth 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

Do you have any advice for leasehold conveyancing in Petworth from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Petworth can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
• The majority freeholders or managing agents in Petworth charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Petworth.

When it comes to leasehold conveyancing in Petworth what are the most frequent lease defects?

Leasehold conveyancing in Petworth is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• 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.
• Maintenance charge proportions which don’t add up to the correct percentage

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. National Westminster Bank, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Petworth Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

It would be wise to discover as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the common parts. Ask prospective neighbours whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. Best to be warned if fixing the lift or some other major work is coming up to be shared between the leaseholders and could well dramatically increase the the maintenance fees or result in a specific payment. If a Petworth lease has fewer than 80 years it will affect the salability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for two years before you are legally able to carry out a lease extension.

Other Topics

Lease Extensions in Petworth