I am on look out for some leasehold conveyancing in Yate. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Yate - 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.

There are only 68 years unexpired on my lease in Yate. I now want to get lease extension but my freeholder is absent. What are my options?

If you meet the appropriate requirements, 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 magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole a specialist would be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Yate.

I have just started marketing my ground floor flat in Yate.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 managing agents 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 couple of apartments in Yate both have approximately forty five years remaining on the leases. should I be concerned?

There are plenty of short leases in Yate. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

Are there frequently found defects that you come across in leases for Yate properties?

There is nothing unique about leasehold conveyancing in Yate. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• 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 may have 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. Nationwide Building Society, Chelsea Building Society, and Clydesdale 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 grant the mortgage, forcing the buyer to withdraw.

Yate Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying

Are any of leasehold owners in arrears of their service charge payments? It would be prudent to discover as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the communal areas. Ask other people what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. The best form of lease arrangement is a share of the freehold. In this scenario the lessees have being in charge if their destiny and notwithstanding that a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Yate