I have recently realised that I have 68 years unexpired on my lease in Milnthorpe. I now wish to extend my lease but my freeholder is can not be found. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. In some cases an enquiry agent should be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Milnthorpe.

Back In 2007, I bought a leasehold house in Milnthorpe. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Milnthorpe who previously acted has now retired.Do I pay?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Milnthorpe conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Milnthorpe both have approximately fifty years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Milnthorpe is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 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 property 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 Milnthorpe 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 are your top tips when it comes to choosing a Milnthorpe conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Milnthorpe conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Milnthorpe conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• Can they put you in touch with client in Milnthorpe who can give a testimonial?

Are there common problems that you come across in leases for Milnthorpe properties?

There is nothing unique about leasehold conveyancing in Milnthorpe. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Milnthorpe Leasehold Conveyancing - A selection of Queries before buying

How many of the leaseholders are in arrears for their service charge payments? It would be prudent to discover as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the cleanliness of the communal areas. Enquire of other tenants what they think of them. In conclusion, be sure you discover the dates that the maintenance charges are due to the managing agents and precisely how they are spending the funds. The answer will be helpful as a) areas can result in problems for the building as the common areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to know about it

Other Topics

Lease Extensions in Milnthorpe