Chase Cross leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Chase Cross. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Chase Cross - 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 Chase Cross. I am keen to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission 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 prove that you or your lawyers have used your best endeavours to locate the lessor. For most situations a specialist may be helpful to carry out a search and to produce a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Chase Cross.
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Chase Cross. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Chase Cross ?
The majority of houses in Chase Cross are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Chase Cross in which case you should be looking for a Chase Cross conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I am employed by a reputable estate agent office in Chase Cross where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Chase Cross conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
Do you have any top tips for leasehold conveyancing in Chase Cross with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Chase Cross can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Chase Cross leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the approvals to hand you should not communicate with the landlord without contacting your solicitor before hand.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Chase Cross. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Chase Cross conveyancing firm who can help.
An example of a Lease Extension case for a Chase Cross flat 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 was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.