Arkley leasehold conveyancing Example Support Desk Enquiries
Having checked my lease I have discovered that there are only Seventy years left on my flat in Arkley. I now want to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, 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 granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the lessor. On the whole an enquiry agent should be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Arkley.
I am hoping to exchange soon on a basement flat in Arkley. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Arkley should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just started marketing my ground floor flat in Arkley.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you pay the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I work for a reputable estate agency in Arkley where we have witnessed a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Arkley conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
We have reached the end of our tether in trying to purchase the freehold in Arkley. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Arkley conveyancing firm who can help.
An example of a Lease Extension decision for a Arkley premises is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 71.73 years.
What makes a Arkley lease unmortgageable?
Leasehold conveyancing in Arkley is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Barclays Direct 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 is problematic they may refuse to provide security, obliging the purchaser to withdraw.