I am on look out for some leasehold conveyancing in Prestbury. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Prestbury - 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 lease in Prestbury. I need to get lease extension but my landlord is can not be found. What are my options?

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 extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist may be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court covering Prestbury.

I’m about to sell my 2 bed apartment in Prestbury.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?

The sensible thing to do is discharge 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Prestbury both have about fifty years left on the lease term. should I be concerned?

There are plenty of short leases in Prestbury. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

In relation to leasehold conveyancing in Prestbury what are the most common lease problems?

Leasehold conveyancing in Prestbury is not unique. Most leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Bank of Ireland 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 defective they may refuse to grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in Prestbury - A selection of Queries before buying

It would be a good idea to enquire if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Prestbury. If you love the flatin Prestbury yet your cat can’t live with you then you have a very difficult determination. How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned whether redecorating or some other major work is coming up to be shared between the leaseholders and will dramatically increase the the maintenance fees or result in a specific invoice.

Other Topics

Lease Extensions in Prestbury