Examples of recent questions relating to leasehold conveyancing in Fulwell
I am in need of some leasehold conveyancing in Fulwell. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Fulwell - 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 Sixty One years remaining on my lease in Fulwell. 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 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 lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the lessor. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Fulwell.
Due to exchange soon on a leasehold property in Fulwell. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fulwell should include some of the following:
- The physical extent of the property. This will be the flat itself but could also incorporate a roof space or cellar if appropriate.
I am looking at a two maisonettes in Fulwell which have about 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Fulwell is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and banks, leases with under 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 property 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 premises 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 Fulwell 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.
All being well we will complete the disposal of our £500000 maisonette in Fulwell next week. The managing agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Fulwell?
Fulwell conveyancing on leasehold maisonettes often necessitates the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the registered owner of a basement flat in Fulwell. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Where there is a absentee freeholder or if 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 assess the sum to be paid.
An example of a Lease Extension decision for a Fulwell flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The the unexpired residue of the current lease was 60.45 years.