Common questions relating to Aldgate leasehold conveyancing
I am in need of some leasehold conveyancing in Aldgate. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Aldgate - 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 Fifty years remaining on my flat in Aldgate. I am keen to get lease extension but my landlord is missing. What should I do?
On the basis that 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. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases a specialist would be useful to conduct investigations and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Aldgate.
I am tempted by the attractive purchase price for a two maisonettes in Aldgate which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Aldgate. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Aldgate. Am I liable to pay service charges for periods before 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
What advice can you give us when it comes to appointing a Aldgate conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Aldgate conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Aldgate conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
I have given up trying to purchase the freehold in Aldgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Aldgate conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Aldgate property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The remaining number of years on the lease was 107 years.