Kingsland leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Kingsland. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Kingsland - 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.
There are only 72 years left on my flat in Kingsland. I need to extend my lease but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the landlord. For most situations a specialist may be useful to carry out a search and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Kingsland.
I am employed by a busy estate agency in Kingsland where we have experienced a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Kingsland conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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 buyer.
Can you offer any advice when it comes to appointing a Kingsland conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Kingsland conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Kingsland conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- Can they put you in touch with client in Kingsland who can give a testimonial?
Do you have any top tips for leasehold conveyancing in Kingsland with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Kingsland can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Kingsland charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding 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 Kingsland.
We have reached the end of our tether in trying to purchase the freehold in Kingsland. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord 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 determine the price.
An example of a Lease Extension case for a Kingsland residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 80.5 years.