I am in need of some leasehold conveyancing in Ruddington. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Ruddington - 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 remaining on my flat in Ruddington. I now want to extend my lease but my freeholder is absent. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole a specialist would be helpful to try and locate and prepare a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Ruddington.

Back In 2000, I bought a leasehold house in Ruddington. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Ruddington who previously acted has long since retired.Any advice?

First contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Ruddington conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Ruddington both have about forty five years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Ruddington is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 premises 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 Ruddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Completion in due on our sale of a £500000 garden flat in Ruddington next week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Ruddington?

Ruddington conveyancing on leasehold apartments normally requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are at liberty invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

Ruddington Conveyancing for Leasehold Flats - A selection of Queries before buying

Who takes charge for maintaining and repairing the building? What restrictions exist in the Ruddington Lease? The best form of lease structure is a share of the freehold. In this situation the lessees benefit from control and although a managing agent is frequently employed if the building is larger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Ruddington