I am on look out for some leasehold conveyancing in Somersham. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Somersham - then the leasehold title will always include the short particulars 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.

I have recently realised that I have 72 years unexpired on my lease in Somersham. I am keen to extend my lease but my landlord is absent. What are my options?

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. However, you will be required to prove that you have used your best endeavours to find the landlord. For most situations a specialist should be helpful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Somersham.

I am attracted to a couple of flats in Somersham which have approximately 50 years left on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Somersham. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a Somersham conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Somersham conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Somersham 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 helpful:

• How experienced is the practice with lease extension legislation?

Somersham Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing

Is there a share of the freehold? If a Somersham lease has no more than eighty years it will have adverse implications on the marketability of the flat. Check with your lender that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you will be required to have owned the residence for 24 months in order to be legally able to extend the lease. Is anyone aware of any major works anticipated that could increase the maintenance charges?

Other Topics

Lease Extensions in Somersham