Having had my offer accepted I require leasehold conveyancing in Ramsgate. Before diving in I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Ramsgate - 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.

There are only Fifty years left on my lease in Ramsgate. I need to extend my lease but my freeholder is missing. What should I do?

On the basis that 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 enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent may be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Ramsgate.

Planning to sign contracts shortly on a ground floor flat in Ramsgate. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Ramsgate should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I am looking at a couple of apartments in Ramsgate both have in the region of 50 years remaining on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Ramsgate is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 Ramsgate 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.

Are there frequently found defects that you witness in leases for Ramsgate properties?

There is nothing unique about leasehold conveyancing in Ramsgate. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• 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

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Godiva Mortgages Ltd all have express 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 provide security, forcing the purchaser to pull out.

I am the registered owner of a leasehold flat in Ramsgate, conveyancing was carried out 1996. Can you work out an approximate cost of a lease extension? Similar properties in Ramsgate with a long lease are worth £231,000. The ground rent is £45 yearly. The lease ceases on 21st October 2087

With just 62 years unexpired we estimate the price of your lease extension to span between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Ramsgate