Common questions relating to Cambridge Heath leasehold conveyancing
There are only 72 years left on my flat in Cambridge Heath. I need to extend my lease but my landlord is can not be found. What are my options?
On the basis that you qualify, 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 enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Cambridge Heath.
I have just appointed agents to market my ground floor apartment in Cambridge Heath.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you pay the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2007, I bought a leasehold house in Cambridge Heath. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Cambridge Heath who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Cambridge Heath conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured 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 attracted to a couple of flats in Cambridge Heath both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Cambridge Heath 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 salability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 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 Cambridge Heath 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.
Do you have any advice for leasehold conveyancing in Cambridge Heath with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cambridge Heath can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many freeholders or managing agents in Cambridge Heath charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Cambridge Heath.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Cambridge Heath conveyancing firm to act on my behalf?
You certainly can. We are happy to put you in touch with a Cambridge Heath conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Cambridge Heath property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.