Common questions relating to Chinatown leasehold conveyancing
I have recently realised that I have Seventy years unexpired on my lease in Chinatown. I now want to extend my lease but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. On the whole an enquiry agent should be useful to try and locate and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Chinatown.
I am tempted by the attractive purchase price for a couple of flats in Chinatown which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
Do you have any advice for leasehold conveyancing in Chinatown with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Chinatown can be bypassed where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Chinatown charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Chinatown.
If all goes to plan we aim to complete the disposal of our £400000 maisonette in Chinatown on Friday in a week. The management company has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Chinatown?
Chinatown conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Despite our best endeavours, we have been unsuccessful in seeking a lease extension in Chinatown. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Chinatown conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Chinatown residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The remaining number of years on the lease was 73.92 years.
What makes a Chinatown lease unacceptable for security purposes?
Leasehold conveyancing in Chinatown is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.