Guaranteed fixed fees for Leasehold Conveyancing in Tavistock

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Frequently asked questions relating to Tavistock leasehold conveyancing

I have recently realised that I have 68 years unexpired on my lease in Tavistock. I now wish to get lease extension but my freeholder is absent. What should I do?

If 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 extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the landlord. In some cases an enquiry agent may be helpful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Tavistock.

I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Tavistock. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Tavistock are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Tavistock so you should seriously consider looking for a Tavistock conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I own a leasehold house in Tavistock. Conveyancing and The Royal Bank of Scotland mortgage are in place. 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 1994. The conveyancing practitioner in Tavistock who previously acted has now retired.What should I do?

First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Tavistock conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, 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 couple of maisonettes in Tavistock which have about forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Tavistock is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Tavistock conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What makes a Tavistock lease unmortgageable?

Leasehold conveyancing in Tavistock is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

  • A provision to repair to or maintain elements of the building
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • 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 primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in Tavistock - A selection of Questions you should consider Prior to Purchasing

    Who takes charge for maintaining and repairing the building? How many of the leaseholders are in arrears for their service charge payments? Best to be warned if changing the roof or some other significant cost is coming up that will be shared by the tenants and will dramatically impact the level of the maintenance fees or result in a specific invoice.

Other Topics

Lease Extensions in Tavistock