I am in need of some leasehold conveyancing in Arlesey. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Arlesey - 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 Fifty years remaining on my flat in Arlesey. I am keen to get lease extension but my landlord is can not be found. 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 for permission 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 have done all that could be expected to find the landlord. On the whole a specialist may be helpful to conduct investigations and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court covering Arlesey.

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Arlesey. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Arlesey are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Arlesey so you should seriously consider shopping around for a Arlesey conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a couple of apartments in Arlesey both have about forty five 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 Arlesey is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 Arlesey 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 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.

I am a negotiator for a long established estate agency in Arlesey where we see a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Arlesey conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Arlesey Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing

How much is the ground rent and service charge? On the whole the cost for major works are not incorporated into the service charges, although a few managing agents in Arlesey obliged tenants to contribute towards a sinking fund and this is used to offset against major works. How many of the leaseholders are in arrears for their service charge payments?

Other Topics

Lease Extensions in Arlesey