Recently asked questions relating to Gerrards Cross leasehold conveyancing
There are only Seventy years remaining on my flat in Gerrards Cross. I am keen to get lease extension but my landlord 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases an enquiry agent may be helpful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Gerrards Cross.
Due to complete next month on a leasehold property in Gerrards Cross. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Gerrards Cross should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Gerrards Cross. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Gerrards Cross ?
The majority of houses in Gerrards Cross are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Gerrards Cross so you should seriously consider shopping around for a Gerrards Cross conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I am looking at a couple of apartments in Gerrards Cross both have approximately forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Gerrards Cross is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and banks, 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 Gerrards Cross 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 own a first flat in Gerrards Cross. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension matter before the tribunal for a Gerrards Cross property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The the unexpired residue of the current lease was 71 years.
What are the common defects that you encounter in leases for Gerrards Cross properties?
Leasehold conveyancing in Gerrards Cross is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and TSB 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, forcing the purchaser to pull out.