Frequently asked questions relating to Hyde Park leasehold conveyancing
There are only 62 years left on my flat in Hyde Park. I am keen 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 submit an application 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 have made all reasonable attempts to track down the landlord. On the whole an enquiry agent should be useful to try and locate and to produce an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Hyde Park.
I have just appointed agents to market my basement apartment in Hyde Park.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear 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 managing agents 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. This will smooth the conveyancing process.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Hyde Park. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Hyde Park ?
Most houses in Hyde Park are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Hyde Park so you should seriously consider shopping around for a Hyde Park conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant 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 carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
Do you have any top tips for leasehold conveyancing in Hyde Park from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hyde Park can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- The majority freeholders or managing agents in Hyde Park charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Hyde Park.
In relation to leasehold conveyancing in Hyde Park what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Hyde Park. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. 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
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I acquired a leasehold flat in Hyde Park, conveyancing formalities finalised 1997. Can you work out an approximate cost of a lease extension? Similar properties in Hyde Park with over 90 years remaining are worth £234,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2081
You have 57 years left to run we estimate the price of your lease extension to span between £30,400 and £35,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
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