Freezywater leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Freezywater. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Freezywater - then the leasehold title will always include the basic details 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.
My partner and I may need to let out our Freezywater ground floor flat for a while due to taking a sabbatical. We used a Freezywater conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Freezywater do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I only have Sixty One years remaining on my lease in Freezywater. I now wish to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission 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 demonstrate that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent would be useful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Freezywater.
I am tempted by the attractive purchase price for a couple of flats in Freezywater which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Freezywater. The lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders 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 conveyancer and surveyor with experience in this field
Completion in due on the disposal of our £450000 flat in Freezywater on Thursday in a week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Freezywater?
Freezywater conveyancing on leasehold flats normally involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to sell the property.
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in Freezywater. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the premium.
An example of a Vesting Order and Purchase of freehold case for a Freezywater residence is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case affected 2 flats. The the unexpired term as at the valuation date was 80.01 years.