Plympton leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Plympton. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and most are in Plympton - 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 72 years left on my flat in Plympton. I now want 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 apply 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. However, you will be required to prove that you have used your best endeavours to track down the lessor. On the whole a specialist may be useful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Plympton.
Back In 2006, I bought a leasehold house in Plympton. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Plympton who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Plympton conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of apartments in Plympton both have about 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Plympton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
What are the common deficiencies that you see in leases for Plympton properties?
There is nothing unique about leasehold conveyancing in Plympton. Most leases is drafted differently and drafting errors can result in certain clauses are not included. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could 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. Yorkshire Building Society, Chelsea Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
Plympton Leasehold Conveyancing - A selection of Queries before buying
How much is the ground rent and service charge?
This information is important as a) areas can cause problems in the building as the common areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will need to have complete disclosure
The best form of lease structure is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is often retained where it is larger than a house conversion, the managing agent is directed by the tenants.