Common questions relating to Arkley leasehold conveyancing
I only have Seventy years remaining on my flat in Arkley. I now want to get lease extension but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist would be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Arkley.
Estate agents have just been given the go-ahead to market my basement apartment in Arkley.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 management companies will not acknowledge the buyer unless 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.
Back In 2001, I bought a leasehold house in Arkley. Conveyancing and Accord Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Arkley who previously acted has now retired.What should I do?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Arkley conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Arkley which have approximately 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Arkley is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Arkley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I work for a reputable estate agent office in Arkley where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Arkley conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner 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 buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Arkley conveyancing firm to assist?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Arkley residence 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 remaining number of years on the lease was 71.73 years.