Bowes Park leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Bowes Park. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Bowes Park - then the leasehold title will always include the short particulars 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 68 years unexpired on my lease in Bowes Park. I now want to get lease extension but my landlord is can not be found. What options are available to me?
On the basis that 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 enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to track down the landlord. For most situations a specialist should be useful to try and locate and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Bowes Park.
Back In 2005, I bought a leasehold house in Bowes Park. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Bowes Park who previously acted has now retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Bowes Park conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Bowes Park both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Bowes Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than 75 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 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 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 Bowes Park 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.
All being well we will complete our sale of a £125000 apartment in Bowes Park next Friday . The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bowes Park?
For most leasehold sales in Bowes Park conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Bowes Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Bowes Park. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Bowes Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Bowes Park premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The the unexpired residue of the current lease was 81.79 years.
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