Examples of recent questions relating to leasehold conveyancing in Frognal
There are only Sixty One years remaining on my lease in Frognal. I now wish to get lease extension but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, 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 mean that your lease can be extended by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the landlord. In some cases a specialist would be helpful to carry out a search and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Frognal.
I have just started marketing my ground floor apartment in Frognal.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – what should I do?
It best that you discharge 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 management companies 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.
My wife and I purchased a leasehold house in Frognal. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Frognal who previously acted has long since retired.What should I do?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Frognal conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Frognal both have in the region of 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Frognal is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than eighty 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 Frognal 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Last month I purchased a leasehold flat in Frognal. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the proprietor of a first floor flat in Frognal. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Lease Extension decision for a Frognal premises is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The remaining number of years on the lease was 16.83 and 16.43.