Frequently asked questions relating to Westcliff On Sea leasehold conveyancing
I am on look out for some leasehold conveyancing in Westcliff On Sea. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Westcliff On Sea - 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 have recently realised that I have 68 years left on my flat in Westcliff On Sea. I now wish to get lease extension but my landlord 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the landlord. In some cases an enquiry agent should be useful to carry out a search and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Westcliff On Sea.
I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Westcliff On Sea. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Westcliff On Sea ?
Most houses in Westcliff On Sea are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Westcliff On Sea so you should seriously consider shopping around for a Westcliff On Sea conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Westcliff On Sea both have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Westcliff On Sea is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, 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 property 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 premises 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 Westcliff On Sea 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 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 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.
What advice can you give us when it comes to appointing a Westcliff On Sea conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Westcliff On Sea conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Westcliff On Sea conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions has the firm completed in Westcliff On Sea in the last twenty four months?
Leasehold Conveyancing in Westcliff On Sea - A selection of Queries before buying
Are any of leasehold owners in dispute over their service charge payments?
What is the name of the managing agents?
You should be aware if it is less than 80 years it will impact the value of the property. Check with your mortgage company that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would be required to have owned the premises for a couple of years in order to be eligible to exercise a lease extension.