Common questions relating to Hampden Pk leasehold conveyancing
I am on look out for some leasehold conveyancing in Hampden Pk. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Hampden Pk - 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 have recently realised that I have Seventy years left on my lease in Hampden Pk. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
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 have made all reasonable attempts to locate the freeholder. In some cases a specialist should be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Hampden Pk.
Planning to complete next month on a garden flat in Hampden Pk. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Hampden Pk should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am attracted to a couple of apartments in Hampden Pk which have about 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Hampden Pk. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold property in Hampden Pk. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Hampden Pk Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
Best to be warned if window replacement or some other major work is coming up that will be shared by the tenants and may well dramatically increase the the maintenance costs or result in a one time invoice.
This information is helpful as a) areas can cause problems for the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have complete disclosure
Is anyone aware of any major works in the planning that could add a premium to the service fees?