Questions and Answers: Stow on the Wold leasehold conveyancing
I am on look out for some leasehold conveyancing in Stow on the Wold. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Stow on the Wold - 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 only have Fifty years left on my flat in Stow on the Wold. I now wish to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, 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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the landlord. In some cases an enquiry agent should be helpful to carry out a search and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Stow on the Wold.
I own a leasehold house in Stow on the Wold. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Stow on the Wold who acted for me is not around.Do I pay?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Stow on the Wold conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to choosing a Stow on the Wold conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Stow on the Wold 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 Stow on the Wold conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- What volume of lease extensions has the firm conducted in Stow on the Wold in the last year?
When it comes to leasehold conveyancing in Stow on the Wold what are the most frequent lease problems?
Leasehold conveyancing in Stow on the Wold is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Nottingham Building Society all have very detailed 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 provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Stow on the Wold - A selection of Queries before buying
Plenty Stow on the Wold leasehold flats will incur a service bill for the upkeep of the block set on behalf of the freeholder. Should you buy the apartment you will have to pay this liability, usually in instalments accross the year. This can be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay yearly, normally this is not a large figure, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds.
The answer will be helpful as a) areas can cause problems in the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to know about it
Who are the managing agents?