Common questions relating to Falconwood leasehold conveyancing
I have recently realised that I have Sixty One years left on my lease in Falconwood. I need to extend my lease but my landlord is missing. What options are available to me?
If 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 granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent should be useful to try and locate and prepare an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Falconwood.
I am hoping to complete next month on a garden flat in Falconwood. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Falconwood should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I have just started marketing my 2 bed apartment in Falconwood.Conveyancing is yet to be initiated but I have just received a quarterly maintenance 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of maisonettes in Falconwood which have about forty five years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Falconwood is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than 75 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 a residence 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 Falconwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Completion in due on the disposal of our £275000 maisonette in Falconwood in 5 days. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Falconwood?
Falconwood conveyancing on leasehold apartments nine out of ten times results in fees being levied by landlords agents :
- Answering pre-exchange questions
- Where consent is required before sale in Falconwood
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to reach an agreement for a lease extension in Falconwood. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Falconwood property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.