Examples of recent questions relating to leasehold conveyancing in Coney Hall
I only have 62 years unexpired on my flat in Coney Hall. I am keen to extend my lease but my freeholder is absent. What are my options?
If you qualify, 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 mean that your lease can be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent would be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Coney Hall.
Due to exchange soon on a leasehold property in Coney Hall. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Coney Hall should include some of the following:
- You should receive a copy of the lease
I am looking at a two flats in Coney Hall which have approximately forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Coney Hall. The lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold house in Coney Hall. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a long established estate agent office in Coney Hall where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Coney Hall conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
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 purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Coney Hall conveyancing firm to help?
You certainly can. We are happy to put you in touch with a Coney Hall conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Coney Hall premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term was 50.57 years.