Recently asked questions relating to Silverton leasehold conveyancing
There are only Fifty years unexpired on my flat in Silverton. I need to extend my lease but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent may be helpful to try and locate and to produce a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court covering Silverton.
I am tempted by the attractive purchase price for a two apartments in Silverton both have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Silverton. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
What are your top tips when it comes to appointing a Silverton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Silverton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Silverton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Silverton who can give a testimonial?
Do you have any top tips for leasehold conveyancing in Silverton from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Silverton can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- Many freeholders or managing agents in Silverton levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Silverton.
In relation to leasehold conveyancing in Silverton what are the most frequent lease problems?
Leasehold conveyancing in Silverton is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Barclays Direct all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to pull out.
Silverton Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
The majority of Silverton leasehold apartments will incur a service charge for the upkeep of the building invoiced by the landlord. Should you purchase the apartment you will have to pay this amount, usually quarterly during the year. This may vary from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a ground rent for you to pay annual, normally this is not a exorbitant sum, say approximately £25-£75 but you should to enquire as sometimes it can be many hundreds of pounds.
Be sure to find out if the the lease includes any unreasonable restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Silverton. If you love the propertyin Silverton but your dog can’t live with you then you have a very difficult choice.
Are there any major works in the near future that will increase the maintenance costs?