Sample questions relating to Chalk Farm leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Chalk Farm. I now want to get lease extension but my freeholder is missing. 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 mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Chalk Farm.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Chalk Farm. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Chalk Farm ?
The majority of houses in Chalk Farm are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Chalk Farm so you should seriously consider shopping around for a Chalk Farm conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
I am looking at a two maisonettes in Chalk Farm which have approximately forty five years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Chalk Farm is a wasting 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. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 Chalk Farm 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 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.
Do you have any top tips for leasehold conveyancing in Chalk Farm from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Chalk Farm can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- The majority landlords or Management Companies in Chalk Farm charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Chalk Farm.
If all goes to plan we aim to complete the disposal of our £125000 maisonette in Chalk Farm next week. The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Chalk Farm?
Chalk Farm conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have had difficulty in trying to purchase the freehold in Chalk Farm. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Chalk Farm conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Chalk Farm premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The the unexpired term as at the valuation date was 64.77 years.