Frequently asked questions relating to Cranham leasehold conveyancing
I am in need of some leasehold conveyancing in Cranham. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Cranham - then the leasehold title will always include the basic details 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.
I only have Seventy years left on my lease in Cranham. I now want to extend my lease but my landlord is absent. 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 extended by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court covering Cranham.
Back In 2001, I bought a leasehold house in Cranham. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Cranham who previously acted has long since retired.What should I do?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Cranham conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, 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 looking at a couple of flats in Cranham which have about 50 years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Cranham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, 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 premises 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 Cranham 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am the proprietor of a first flat in Cranham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Cranham conveyancing firm who can help.
An example of a Lease Extension decision for a Cranham residence 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 the number of years remaining on the existing lease(s) was 57.5 years.
What are the frequently found problems that you see in leases for Cranham properties?
Leasehold conveyancing in Cranham is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.