Hyde Park leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Hyde Park. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Hyde Park - then the leasehold title will always include the short particulars 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 72 years unexpired on my flat in Hyde Park. I am keen to extend my lease 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 submit an application 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 magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. For most situations a specialist would be helpful to try and locate and prepare a report to 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 in relation to proving the landlord’s disappearance and the application to the County Court covering Hyde Park.
I am tempted by the attractive purchase price for a couple of apartments in Hyde Park both have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Hyde Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under 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 a residence 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 Hyde Park 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 any new 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 work for a busy estate agent office in Hyde Park where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Hyde Park conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
All being well we will complete the disposal of our £175000 garden flat in Hyde Park in just under a week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Hyde Park?
Hyde Park conveyancing on leasehold maisonettes typically results in administration charges invoiced by management companies :
- Completing pre-exchange questions
- Where consent is required before sale in Hyde Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Hyde Park Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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It is important to be aware if fixing the lift or some other major work is coming up to be shared amongst the leaseholders and will dramatically impact the level of the service costs or necessitate a one off payment.
Are any of leasehold owners in arrears of their service charge liability?
How is the lease structured?
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