Top Five Questions relating to Sedgefield leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years left on my flat in Sedgefield. I am keen to get lease extension but my freeholder is can not be found. 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Sedgefield.
I have just started marketing my basement apartment in Sedgefield.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Sedgefield. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Sedgefield are freehold rather than 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 purchasing in Sedgefield in which case you should be shopping around for a Sedgefield conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
Back In 2004, I bought a leasehold house in Sedgefield. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Sedgefield who acted for me is not around.Any advice?
First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Sedgefield conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Sedgefield which have about 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Sedgefield is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 property 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 Sedgefield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Leasehold Conveyancing in Sedgefield - Examples of Queries Prior to buying
Who are the managing agents?
Be sure to find out if there is anything that is prohibited in the lease. For instance it is reasonably common in Sedgefield leases that pets are not allowed in certain buildings in Sedgefield. If you like the flatin Sedgefield yet your cat is not allowed to move with you then you have a very difficult decision.
Is the freehold reversion owned collectively by the tenants?