Frequently asked questions relating to Shildon leasehold conveyancing
I am in need of some leasehold conveyancing in Shildon. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Shildon - 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.
Having checked my lease I have discovered that there are only 68 years remaining on my lease in Shildon. I am keen to get lease extension but my freeholder is absent. What are my options?
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 granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole an enquiry agent should be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Shildon.
Expecting to complete next month on a basement flat in Shildon. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Shildon should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am attracted to a couple of flats in Shildon which have approximately 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Shildon. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to finding a Shildon conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Shildon conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Shildon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
Leasehold Conveyancing in Shildon - A selection of Questions you should consider before buying
Make sure you find out if the the lease includes any adverse restrictions in the lease. For instance it is fairly common in Shildon leases that pets are not allowed in certain buildings in Shildon. If you like the flatin Shildon however your dog can’t move with you then you will be faced difficult choice.
How many of the leaseholders are in arrears for their maintenance charge payments?
Is there a share of the freehold?