Recently asked questions relating to Seaham leasehold conveyancing
I only have Sixty One years left on my lease in Seaham. I need to extend my lease but my freeholder is can not be found. 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 mean that your lease can be extended by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the freeholder. On the whole a specialist should be useful to conduct investigations 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 solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Seaham.
I work for a busy estate agency in Seaham where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Seaham conveyancing firms. Can you clarify whether the vendor of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 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 simultaneously with 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 buyer.
What are your top tips when it comes to appointing a Seaham conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Seaham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Seaham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- Can they put you in touch with client in Seaham who can give a testimonial?
Do you have any top tips for leasehold conveyancing in Seaham from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Seaham can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
- The majority landlords or Management Companies in Seaham levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Seaham.
What makes a Seaham lease defective?
There is nothing unique about leasehold conveyancing in Seaham. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
Seaham Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
Are any of leasehold owners in arrears of their service charge liability?
It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared by the leaseholders and could well materially increase the the maintenance costs or require a one off invoice.
It would be prudent to discover if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Seaham. If you love the apartmentin Seaham yet your cat can’t make the move with you then you will be presented with a hard decision.