Top Five Questions relating to Arnos Grove leasehold conveyancing
I have recently realised that I have 72 years unexpired on my flat in Arnos Grove. I now wish to extend my lease but my landlord is can not be found. 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 mean that your lease can be extended by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. For most situations a specialist would be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Arnos Grove.
I am tempted by the attractive purchase price for a couple of apartments in Arnos Grove both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Arnos Grove. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold property in Arnos Grove. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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).
Do you have any top tips for leasehold conveyancing in Arnos Grove with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Arnos Grove can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
- A minority of Arnos Grove leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
If all goes to plan we aim to complete the disposal of our £500000 apartment in Arnos Grove in just under a week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Arnos Grove?
Arnos Grove conveyancing on leasehold maisonettes more often than not requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. In reality you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I inherited a a ground floor purpose built flat in Arnos Grove. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to arrive at the sum to be paid.
An example of a Freehold Enfranchisement decision for a Arnos Grove property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The the unexpired residue of the current lease was 70.31 years.