Sample questions relating to Gidea Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Gidea Park. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Gidea Park - 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.
Jane (my partner) and I may need to let out our Gidea Park ground floor flat temporarily due to taking a sabbatical. We used a Gidea Park conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Gidea Park do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Back In 2001, I bought a leasehold flat in Gidea Park. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Gidea Park who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Gidea Park conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 garden flat in Gidea Park in 10 days. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Gidea Park?
Gidea Park conveyancing on leasehold apartments more often than not involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I am the proprietor of a ground floor flat in Gidea Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Most certainly. We can put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gidea Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.
What makes a Gidea Park lease defective?
Leasehold conveyancing in Gidea Park is not unique. All leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements 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 have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.