Quality lawyers for Leasehold Conveyancing in Elm Park

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Common questions relating to Elm Park leasehold conveyancing

I have recently realised that I have Fifty years unexpired on my lease in Elm Park. I need to extend my lease but my freeholder 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 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 granted an extra 90 years by the Court. However, you will be required to prove that you have made all reasonable attempts to find the freeholder. For most situations an enquiry agent would be helpful to try and locate and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Elm Park.

I have just started marketing my 2 bed flat in Elm Park.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am looking at a two apartments in Elm Park which have approximately 50 years left on the lease term. should I be concerned?

There are plenty of short leases in Elm Park. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

Can you offer any advice when it comes to appointing a Elm Park conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Elm Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Elm Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions has the firm carried out in Elm Park in the last twenty four months?

  • I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Elm Park conveyancing firm to help?

    in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to assess the price payable.

    An example of a Lease Extension case for a Elm Park 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 unexpired term was 57.5 years.

    What makes a Elm Park lease defective?

    Leasehold conveyancing in Elm Park is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will 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. Halifax, The Royal Bank of Scotland, and Clydesdale all have very detailed 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 grant the mortgage, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Elm Park