Werrington leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Werrington. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Werrington - then the leasehold title will always include the short particulars 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 have recently realised that I have 62 years remaining on my lease in Werrington. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to locate the lessor. For most situations a specialist may be useful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Werrington.
I have just appointed agents to market my 2 bed flat in Werrington.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two flats in Werrington which have about forty five years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Werrington. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
What makes a Werrington lease unacceptable for security purposes?
Leasehold conveyancing in Werrington is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Aldermore 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 defective they may refuse to provide security, obliging the purchaser to pull out.
Werrington Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
Make sure you investigate if there are any onerous prohibitions in the lease. For instance it is reasonably common in Werrington leases that pets are not permitted in certain buildings in Werrington. If you love the propertyin Werrington however your cat can’t move with you then you have a very difficult compromise.
Who manages the block?
Is the freehold reversion owned jointly by the leaseholders?