I have recently realised that I have 72 years left on my lease in Wadebridge. I need to extend my lease but my freeholder is missing. What options are available to me?

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 lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. In some cases a specialist would be useful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Wadebridge.

I am attracted to a couple of apartments in Wadebridge which have in the region of 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Wadebridge is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 Wadebridge 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 are your top tips when it comes to finding a Wadebridge conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Wadebridge conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Wadebridge conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?

Completion in due on the disposal of our £475000 maisonette in Wadebridge on Friday in a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Wadebridge?

Wadebridge conveyancing on leasehold maisonettes more often than not requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to complete the sale of your home.

What makes a Wadebridge lease unmortgageable?

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

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

Wadebridge Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

Please tell me if there are any major works in the near future that will likely add a premium to the maintenance charges? Who are the managing agents? How long is the Lease?

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Lease Extensions in Wadebridge