Belsize Park leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Belsize Park. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Belsize Park - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Helen (my wife) and I may need to let out our Belsize Park garden flat for a while due to a career opportunity. We used a Belsize Park conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs relations between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Belsize Park do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have just appointed agents to market my garden apartment in Belsize Park.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – what should I do?
It best that you pay the invoice 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 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.
My wife and I purchased a leasehold flat in Belsize Park. Conveyancing and Accord Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Belsize Park who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Belsize Park conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two apartments in Belsize Park both have in the region of forty five years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Belsize Park is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 Belsize Park 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 the agreed 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.
My wife and I have hit a brick wall in trying to purchase the freehold in Belsize Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension decision for a Belsize Park premises is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The the unexpired term as at the valuation date was 16.83 and 16.43.