Sample questions relating to Sandbanks leasehold conveyancing
I have recently realised that I have Fifty years left on my lease in Sandbanks. I need to get lease extension but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 prove that you have done all that could be expected to find the freeholder. In some cases a specialist may be helpful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Sandbanks.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Sandbanks. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Sandbanks are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Sandbanks so you should seriously consider looking for a Sandbanks conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am employed by a reputable estate agency in Sandbanks where we have witnessed a number of flat sales derailed due to short leases. I have received contradictory information from local Sandbanks conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. 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.
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 purchaser.
What advice can you give us when it comes to appointing a Sandbanks conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Sandbanks conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Sandbanks conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
What makes a Sandbanks lease unmortgageable?
Leasehold conveyancing in Sandbanks is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Sandbanks - Examples of Queries before Purchasing
Where a Sandbanks lease has no more than eighty years it will affect the salability of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this would cost. Remember, in most cases you will need to own the property for a couple of years in order to be entitled to extend the lease.
This question is useful as a) areas can result in problems in the building as the common areas may begin to deteriorate where services are not paid for b) if the leaseholders have a dispute with the managing agents you will need to have full disclosure
Does the lease have more than 90 years left?