Top Five Questions relating to Saltash leasehold conveyancing
I am on look out for some leasehold conveyancing in Saltash. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Saltash - then the leasehold title will always include the basic details 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 only have 68 years unexpired on my lease in Saltash. I now wish to extend my lease but my freeholder is missing. What options are available to me?
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 enable the lease to be lengthened by the magistrate. 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 useful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Saltash.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Saltash. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Saltash ?
The majority of houses in Saltash are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Saltash in which case you should be shopping around for a Saltash conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I work for a busy estate agent office in Saltash where we see a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Saltash conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 your top tips when it comes to choosing a Saltash conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Saltash conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Saltash conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Saltash who can give a testimonial?
Saltash Leasehold Conveyancing - Sample of Queries Prior to buying
In the main the cost for major works tend not to be included within service charges, although there some managing agents in Saltash ask tenants to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.
Its a good idea to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the communal areas. Enquire of other people what they think of their service. Finally, investigate as to the dates that you are obliged pay the service charge to the relevant party and precisely how they are spending that money.
Be sure to discover if there are any onerous restrictions in the lease. For example it is reasonably common in Saltash leases that pets are not permitted in certain buildings in Saltash. If you like the propertyin Saltash but your cat can’t make the move with you then you will be presented with a hard decision.