Top Five Questions relating to Walkden leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Walkden. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Walkden - 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 68 years remaining on my flat in Walkden. I am keen to extend my lease but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. In some cases a specialist should be useful to conduct investigations and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Walkden.
I own a leasehold flat in Walkden. Conveyancing and Yorkshire Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Walkden who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Walkden conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Walkden which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Walkden. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
Are there frequently found defects that you see in leases for Walkden properties?
There is nothing unique about leasehold conveyancing in Walkden. All leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and Platform Home Loans Ltd all have express 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 provide security, forcing the buyer to pull out.
Walkden Leasehold Conveyancing - Examples of Queries Prior to buying
Is anyone aware of any major works anticipated that will increase the service charges?
Who takes charge for maintaining and repairing the building?
How much is the service charge and ground rent on the property?