Top Five Questions relating to Arkley leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Arkley. I am keen to extend my lease but my freeholder 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist should be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court covering Arkley.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Arkley. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Arkley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Arkley so you should seriously consider looking for a Arkley conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Arkley. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Arkley who acted for me is not around.What should I do?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Arkley conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agent office in Arkley where we have witnessed a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Arkley conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 needs to be completed before, 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.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Arkley. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Arkley flat 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 number of years remaining on the existing lease(s) was 71.73 years.
What makes a Arkley lease defective?
There is nothing unique about leasehold conveyancing in Arkley. Most leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Clydesdale all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to withdraw.