Questions and Answers: Catford leasehold conveyancing
I am on look out for some leasehold conveyancing in Catford. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Catford - 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.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Catford. I am keen to extend my lease but my freeholder is can not be found. What are my options?
If 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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole a specialist would be helpful to carry out a search and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court covering Catford.
Planning to complete next month on a garden flat in Catford. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Catford should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my basement apartment in Catford.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – what should I do?
It best that you clear 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. This will smooth the conveyancing process.
I am employed by a long established estate agency in Catford where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Catford conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Catford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Catford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Catford property is 44 Elmer Road in January 2013. The Tribunal dacied that amount to be paid by the Leaseholders for the Landlords freehold reversion was £12,951 as at the valuation date (20" September 2012).This matter was referred back to the Bromley County Court to deal with costs, fees and any other outstanding matters. This case was in relation to 2 flats. The unexpired lease term was 74.25 years.