Top Five Questions relating to Repton leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Repton. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
If 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 mean that your lease can be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the lessor. On the whole a specialist would be helpful to conduct investigations and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the application to the County Court covering Repton.
Estate agents have just been given the go-ahead to market my basement apartment in Repton.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Repton. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Repton are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Repton so you should seriously consider shopping around for a Repton conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I am attracted to a two apartments in Repton which have about fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Repton. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field
I work for a reputable estate agent office in Repton where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Repton conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Repton Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
What restrictions exist in the Repton Lease?
Please inform me if there are any major works on the horizon that could increase the service fees?
What is the annual maintenance fee and ground rent?