Having checked my lease I have discovered that there are only 72 years remaining on my flat in Ravenshead. I need to get lease extension but my freeholder is can not be found. What options are available to me?

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 granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Ravenshead.

I have just started marketing my garden apartment in Ravenshead.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?

It best that you pay the service charge 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 management companies 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. This will smooth the conveyancing process.

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Ravenshead. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Ravenshead ?

Most houses in Ravenshead are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Ravenshead in which case you should be shopping around for a Ravenshead conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am attracted to a two maisonettes in Ravenshead which have about fifty years left on the lease term. Will this present a problem?

There are plenty of short leases in Ravenshead. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

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

There is nothing unique about leasehold conveyancing in Ravenshead. Most leases are unique and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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 may have difficulties 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, Chelsea Building Society, and Platform Home Loans Ltd 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 problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

Leasehold Conveyancing in Ravenshead - A selection of Questions you should consider Prior to buying

What is the the remaining lease term? Are any of leasehold owners in dispute over their service charge liability? If a Ravenshead lease has less than 80 years it will have adverse implications on the value of the property. Check with your lender that they are happy with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Ravensheadlease extensions you would be be obliged to have been the owner of the residence for two years in order to be legally able to extend the lease.

Other Topics

Lease Extensions in Ravenshead