Frequently asked questions relating to Eden Park leasehold conveyancing
I have recently realised that I have Sixty One years left on my lease in Eden Park. I am keen to get lease extension but my landlord is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. However, you will be required to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent should be useful to carry out a search and prepare an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Eden Park.
Last month I purchased a leasehold house in Eden Park. Do I have any liability for service charges for periods before 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. It is an essential part 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 am employed by a busy estate agency in Eden Park where we have witnessed a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Eden Park conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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. This means that the proposed purchaser can avoid having to wait 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 disposal of the property.
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 buyer.
What are your top tips when it comes to appointing a Eden Park conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Eden Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Eden Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions have they carried out in Eden Park in the last 12 months?
- Can they put you in touch with client in Eden Park who can give a testimonial?
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Eden Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Eden Park property is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The remaining number of years on the lease was 76.75 and 88.83.
Are there frequently found deficiencies that you encounter in leases for Eden Park properties?
Leasehold conveyancing in Eden Park is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- 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 could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Aldermore 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 is defective they may refuse to provide security, obliging the buyer to withdraw.
Eden Park Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
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The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and even though a managing agent is frequently retained if the building is larger than a house conversion, the managing agent is directed by the tenants.
Generally speaking the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Eden Park ask leasehold owners to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.
Please inform me if there are any major works on the horizon that will increase the service fees?