Examples of recent questions relating to leasehold conveyancing in Bickley
Having had my offer accepted I require leasehold conveyancing in Bickley. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Bickley - 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.
There are only 72 years left on my lease in Bickley. I need to get lease extension but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to track down the freeholder. On the whole an enquiry agent should be helpful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Bickley.
I am tempted by the attractive purchase price for a two maisonettes in Bickley which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Bickley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than eighty 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 premises 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 Bickley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 am employed by a reputable estate agent office in Bickley where we see a few leasehold sales jeopardised as a result of short leases. I have been given inconsistent advice from local Bickley conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
If all goes to plan we aim to complete our sale of a £475000 garden flat in Bickley next Thursday . The management company has quoted £300 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Bickley?
Bickley conveyancing on leasehold flats often necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Bickley conveyancing firm to help?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the price payable.
An example of a Lease Extension case for a Bickley premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.