Sample questions relating to Foots Cray leasehold conveyancing
I am in need of some leasehold conveyancing in Foots Cray. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Foots Cray - 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 have recently realised that I have Fifty years unexpired on my flat in Foots Cray. I am keen to extend my lease but my landlord is can not be found. What options are available to me?
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 granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole a specialist would be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Foots Cray.
I am hoping to sign contracts shortly on a studio apartment in Foots Cray. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Foots Cray should include some of the following:
- Does the lease prohibit wood flooring?
I am a negotiator for a long established estate agency in Foots Cray where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Foots Cray conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Foots Cray. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Foots Cray conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Foots Cray 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 was in relation to 1 flat.
Are there common problems that you witness in leases for Foots Cray properties?
Leasehold conveyancing in Foots Cray is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and TSB 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.