Common questions relating to Ripley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ripley. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Ripley - 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.
I have recently realised that I have 68 years left on my lease in Ripley. I need to get lease extension but my landlord is missing. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. For most situations a specialist would be useful to conduct investigations and to produce 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 absence and the application to the County Court covering Ripley.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Ripley. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Ripley ?
Most houses in Ripley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ripley so you should seriously consider shopping around for a Ripley conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I am a negotiator for a long established estate agent office in Ripley where we see a number of leasehold sales derailed due to short leases. I have received contradictory information from local Ripley conveyancing firms. Could you clarify whether the owner of a flat can instigate 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
What are the common deficiencies that you come across in leases for Ripley properties?
Leasehold conveyancing in Ripley is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. HSBC Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Ripley Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Are any of leasehold owners in arrears of their service charge liability?
You should want to discover as much as you can about the company managing the block as they can either make life much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily matters like the cleanliness of the common parts. Enquire of other tenants what they think of their service. In conclusion, be sure you understand the dates that the maintenance fees are due to the appropriate party and precisely what it includes.
How many years are left on the lease?