Common questions relating to Elm Park leasehold conveyancing
There are only Fifty years unexpired on my lease in Elm Park. I now want to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, 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 extended by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the landlord. In some cases a specialist would be helpful to try and locate and prepare an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Elm Park.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Elm Park. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Elm Park are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Elm Park in which case you should be looking for a Elm Park conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
My wife and I purchased a leasehold house in Elm Park. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Elm Park who previously acted has now retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Elm Park conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in Elm Park. Do I have any liability for service charges for periods before completion of my purchase?
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 ensure 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).
Can you offer any advice when it comes to finding a Elm Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Elm Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Elm Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
- If the firm is not ALEP accredited then what is the reason?
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Elm Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension decision for a Elm Park flat 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.
I own a 2 bed flat in Elm Park, conveyancing having been completed 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Elm Park with over 90 years remaining are worth £238,000. The ground rent is £45 per annum. The lease runs out on 21st October 2089
With 63 years left to run the likely cost is going to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.