Common questions relating to Crofton Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Crofton Park. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Crofton Park - 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.
I would like to let out my leasehold flat in Crofton Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
The lease dictates the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Crofton Park do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
There are only Sixty One years unexpired on my flat in Crofton Park. I now want to get lease extension but my freeholder is missing. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the landlord. On the whole an enquiry agent would be useful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court covering Crofton Park.
Do you have any top tips for leasehold conveyancing in Crofton Park from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Crofton Park can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- The majority freeholders or managing agents in Crofton Park charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Crofton Park.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Crofton Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension decision for a Crofton Park residence is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case affected 1 flat.
What are the common defects that you see in leases for Crofton Park properties?
Leasehold conveyancing in Crofton Park is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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 may have difficulties 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, The Mortgage Works, and Bank of Ireland 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 buyer to pull out.