I only have Fifty years unexpired on my flat in Hyde Park. I am keen to extend my lease but my freeholder is absent. 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. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. On the whole an enquiry agent would be useful to try and locate and prepare an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Hyde Park.

Due to sign contracts shortly on a studio apartment in Hyde Park. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Hyde Park should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hyde Park. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Hyde Park ?

The majority of houses in Hyde Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Hyde Park in which case you should be shopping around for a Hyde Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.

Back In 2006, I bought a leasehold house in Hyde Park. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Hyde Park who previously acted has now retired.Do I pay?

First contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Hyde Park conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two apartments in Hyde Park which have approximately fifty years left on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Hyde Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more positive 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.

Leasehold Conveyancing in Hyde Park - Sample of Questions you should consider before Purchasing

Does the lease include onerous restrictions? How much is the yearly service fee and ground rent? The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this scenario the lessees have being in charge if their destiny and even though a managing agent is usually employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Hyde Park