Top Five Questions relating to Brent Cross leasehold conveyancing
There are only Seventy years left on my lease in Brent Cross. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order 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 or your lawyers have used your best endeavours to track down the lessor. For most situations an enquiry agent would be helpful to conduct investigations and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Brent Cross.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Brent Cross. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Brent Cross ?
Most houses in Brent Cross are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Brent Cross in which case you should be looking for a Brent Cross conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
Back In 2003, I bought a leasehold house in Brent Cross. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Brent Cross who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Brent Cross conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two maisonettes in Brent Cross which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Brent Cross is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat 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 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 Brent Cross 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
All being well we will complete the sale of our £350000 garden flat in Brent Cross in just under a week. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Brent Cross?
Brent Cross conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the proprietor of a two-bedroom flat in Brent Cross. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Brent Cross conveyancing firm who can help.
An example of a Lease Extension decision for a Brent Cross flat is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case related to 1 flat. The the unexpired term as at the valuation date was 71 years.