Recently asked questions relating to Friern Barnet leasehold conveyancing
I am in need of some leasehold conveyancing in Friern Barnet. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Friern Barnet - 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.
I only have Fifty years remaining on my lease in Friern Barnet. I need to get lease extension but my freeholder is missing. What are my options?
On the basis that 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 extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. For most situations a specialist would be useful to try and locate and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Friern Barnet.
Due to exchange soon on a basement flat in Friern Barnet. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Friern Barnet should include some of the following:
- You should receive a copy of the lease
I have just started marketing my 2 bed flat in Friern Barnet.Conveyancing has not commenced but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the service charge 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.
We have reached the end of our tether in negotiating a lease extension in Friern Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to judgment on the amount due.
An example of a Lease Extension decision for a Friern Barnet flat is 90 & 96 Poplar Grove in June 2013. It was held by the Tribunal that the premium to be paid for the new lease in respect of each of the flats referred should be £17,942 This case related to 2 flats. The the number of years remaining on the existing lease(s) was 68 years.
When it comes to leasehold conveyancing in Friern Barnet what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Friern Barnet. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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
You will encounter 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. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester 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 is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.