Questions and Answers: Teignmouth leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years remaining on my lease in Teignmouth. I am keen to get lease extension but my landlord is can not be found. What are my options?
If 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 enable the lease to 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 lessor. In some cases a specialist would be helpful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Teignmouth.
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Teignmouth. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Teignmouth ?
Most houses in Teignmouth are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Teignmouth in which case you should be looking for a Teignmouth conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Back In 2007, I bought a leasehold flat in Teignmouth. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Teignmouth who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Teignmouth conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Teignmouth which have about forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Teignmouth is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 property 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 Teignmouth 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Can you provide any advice for leasehold conveyancing in Teignmouth with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Teignmouth can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Teignmouth levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Teignmouth.
Leasehold Conveyancing in Teignmouth - Examples of Queries Prior to buying
Make sure you find out if there are any onerous restrictions in the lease. For instance some leases prohibit pets being permitted in in a block in Teignmouth. If you love the propertyin Teignmouth but your dog can’t live with you then you will be faced hard decision.
Its a good idea to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical matters like the upkeep of the communal areas. Ask prospective neighbours what they think of them. Finally, find out the dates that the maintenance fees are due to the relevant party and specifically what it includes.
In the main the cost for major works are not wrapped into the service charges, albeit that a few managing agents in Teignmouth require tenants to contribute towards a sinking fund created for the specific intention of building a fund for major works.