I am on look out for some leasehold conveyancing in Wadhurst. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Wadhurst - then the leasehold title will always include the basic details 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 72 years unexpired on my lease in Wadhurst. I now want to get lease extension but my freeholder is missing. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. In some cases an enquiry agent would be useful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Wadhurst.

I am tempted by the attractive purchase price for a couple of flats in Wadhurst both have about fifty years unexpired on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

What are your top tips when it comes to choosing a Wadhurst conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Wadhurst conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Wadhurst conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How experienced is the practice with lease extension legislation?
• If they are not ALEP accredited then what is the reason?

What makes a Wadhurst lease unacceptable for security purposes?

Leasehold conveyancing in Wadhurst is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, 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 defective they may refuse to provide security, forcing the buyer to pull out.

Leasehold Conveyancing in Wadhurst - Examples of Questions you should consider Prior to Purchasing

How many years are left on the lease? The best form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy being in charge if their destiny and although a managing agent is usually retained if it is bigger than a house conversion, the managing agent is directed by the tenants.