Recently asked questions relating to Forestdale leasehold conveyancing
I am in need of some leasehold conveyancing in Forestdale. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Forestdale - 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 own a leasehold flat in Forestdale. Conveyancing and TSB mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Forestdale who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Forestdale conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agency in Forestdale where we see a number of flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Forestdale conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
If all goes to plan we aim to complete the sale of our £ 275000 garden flat in Forestdale next week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Forestdale?
Forestdale conveyancing on leasehold flats typically involves fees being invoiced by landlords agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Forestdale
- 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 tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Forestdale conveyancing firm to represent me?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Forestdale flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The the number of years remaining on the existing lease(s) was 78.32 years.
What makes a Forestdale lease defective?
There is nothing unique about leasehold conveyancing in Forestdale. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I own a 2 bed flat in Forestdale, conveyancing formalities finalised 2005. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Forestdale with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2099
With just 73 years unexpired we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.