Sample questions relating to Rawcliffe leasehold conveyancing
I have recently realised that I have Seventy years unexpired on my flat in Rawcliffe. I need to get lease extension but my landlord is absent. What should I do?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist would be helpful to try and locate and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Rawcliffe.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Rawcliffe. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Rawcliffe are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Rawcliffe so you should seriously consider looking for a Rawcliffe conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I am attracted to a two maisonettes in Rawcliffe which have about 50 years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Rawcliffe is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. 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 property 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 Rawcliffe 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.
What are your top tips when it comes to choosing a Rawcliffe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Rawcliffe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Rawcliffe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
If all goes to plan we aim to complete the sale of our £225000 maisonette in Rawcliffe on Tuesday in a week. The management company has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Rawcliffe?
For most leasehold sales in Rawcliffe conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Rawcliffe
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Rawcliffe - A selection of Questions you should consider Prior to buying
For many Rawcliffe leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Rawcliffe require leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance.
Who takes charge for maintaining and repairing the building?
Is anyone aware of any major works in the planning that will likely increase the maintenance costs?