Aldgate leasehold conveyancing: Q and A’s
I have recently realised that I have Fifty years left on my flat in Aldgate. I need to extend my lease but my landlord is can not be found. What should I do?
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 granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent may be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Aldgate.
Planning to sign contracts shortly on a leasehold property in Aldgate. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Aldgate should include some of the following:
- You should receive a copy of the lease
Can you offer any advice when it comes to choosing a Aldgate conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Aldgate conveyancing practice) it is essential 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 prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the practice with lease extension legislation?
Completion in due on our sale of a £500000 garden flat in Aldgate next Thursday . The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Aldgate?
Aldgate conveyancing on leasehold flats ordinarily necessitates administration charges levied by management companies :
- Completing pre-contract enquiries
- Where consent is required before sale in Aldgate
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Aldgate. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Aldgate conveyancing firm who can help.
An example of a Freehold Enfranchisement case 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 unexpired term was 107 years.
When it comes to leasehold conveyancing in Aldgate what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Aldgate. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. 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
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.