Common questions relating to Becontree Heath leasehold conveyancing
There are only 68 years unexpired on my flat in Becontree Heath. I now wish to extend my lease but my landlord is missing. What options are available to me?
If 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 mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. On the whole a specialist may be useful to try and locate and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Becontree Heath.
I am tempted by the attractive purchase price for a two maisonettes in Becontree Heath which have in the region of forty five years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I am a negotiator for a reputable estate agency in Becontree Heath where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Becontree Heath conveyancing firms. 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 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
Can you provide any top tips for leasehold conveyancing in Becontree Heath with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Becontree Heath can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- The majority freeholders or Management Companies in Becontree Heath charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Becontree Heath.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Becontree Heath conveyancing firm to help?
You certainly can. We are happy to put you in touch with a Becontree Heath conveyancing firm who can help.
An example of a Lease Extension case for a Becontree Heath flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.
Are there frequently found problems that you witness in leases for Becontree Heath properties?
There is nothing unique about leasehold conveyancing in Becontree Heath. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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 have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.