Having checked my lease I have discovered that there are only 68 years left on my flat in Wickford. I need to extend my lease but my freeholder is missing. What options are available to me?

If you meet the appropriate requirements, 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 enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases a specialist may be useful to try and locate and to produce a report to 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 devolving into the landlord’s absence and the vesting order request to the County Court overseeing Wickford.

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wickford. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wickford ?

The majority of houses in Wickford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Wickford in which case you should be shopping around for a Wickford conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two apartments in Wickford which have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Wickford is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 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 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 Wickford 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold flat in Wickford. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

When it comes to leasehold conveyancing in Wickford what are the most frequent lease problems?

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

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• 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, Barnsley Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

Wickford Leasehold Conveyancing - Sample of Questions you should consider before buying

It would be sensible to discover as much as possible regarding the company managing the block as they will either make your life much easier or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the tidiness of the common parts. Ask other people what they think of them. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money. The answer will be helpful as a) areas can result in problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have full disclosure If a Wickford lease has less than 80 years it will affect the salability of the property. It is worth checking with your bank that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease at some point and it is worth finding out how much this will be. For most Wickfordlease extensions you would be be obliged to have been the owner of the premises for a couple of years before you are eligible to extend the lease.

Other Topics

Lease Extensions in Wickford