Sample questions relating to Chase Cross leasehold conveyancing
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Chase Cross. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Chase Cross ?
The majority of houses in Chase Cross are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Chase Cross in which case you should be looking for a Chase Cross conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
Back In 2002, I bought a leasehold flat in Chase Cross. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Chase Cross who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Chase Cross conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, 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 Chase Cross which have about fifty years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Chase Cross is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and lenders, 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 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 Chase Cross conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
I work for a busy estate agency in Chase Cross where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Chase Cross conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
If all goes to plan we aim to complete the sale of our £250000 garden flat in Chase Cross in seven days. The management company has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Chase Cross?
Chase Cross conveyancing on leasehold flats usually requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chase Cross. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension decision for a Chase Cross property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term was 57.5 years.