Sample questions relating to Trimdon leasehold conveyancing
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Trimdon. I need to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that 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 an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the lessor. For most situations a specialist would be useful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court covering Trimdon.
I am looking at a couple of flats in Trimdon which have approximately fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Trimdon is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with less than 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 premises 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 Trimdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.
Last month I purchased a leasehold flat in Trimdon. Am I liable to pay 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
What are your top tips when it comes to appointing a Trimdon conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Trimdon conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Trimdon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Trimdon with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Trimdon can be reduced where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
- The majority landlords or Management Companies in Trimdon levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Trimdon.
Leasehold Conveyancing in Trimdon - A selection of Questions you should consider Prior to buying
The majority of Trimdon leasehold apartments will be liable to pay a service charge for the upkeep of the building levied on behalf of the management company. If you buy the apartment you will have to pay this charge, usually in instalments throughout the year. This can be anything from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant figure, say around £50-£100 but you should to enquire it because occasionally it can be prohibitively expensive.
You should be aware if it is less than eighty years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Trimdonlease extensions you will be required to have owned the premises for a couple of years before you are legally able to carry out a lease extension.
Is anyone aware of any major works in the near future that will add a premium to the maintenance charges?