I own a leasehold house in St Ives. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in St Ives who previously acted has long since retired.What should I do?

The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a St Ives conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in St Ives which have in the region of fifty 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 period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area

I am a negotiator for a reputable estate agent office in St Ives where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local St Ives conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension formalities 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 proposed purchaser can avoid having to wait 2 years to extend their lease. 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 purchaser.

What are your top tips when it comes to choosing a St Ives conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a St Ives conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non St Ives 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 of use:

• If they are not ALEP accredited then why not?

What are the frequently found deficiencies that you witness in leases for St Ives properties?

Leasehold conveyancing in St Ives is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts 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

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Leasehold Conveyancing in St Ives - A selection of Queries before Purchasing

What prohibitions exist in the St Ives Lease? For most St Ives leaseholds the cost for major works are not included within service charges, although there some managing agents in St Ives require tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance. Its a good idea to find out as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the common parts. Don't be shy to ask prospective neighbours what they think of them. In conclusion, be sure you understand the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.

Other Topics

Lease Extensions in St Ives