Common questions relating to Gidea Park leasehold conveyancing
There are only 72 years left on my flat in Gidea Park. I am keen to extend my lease but my landlord is missing. What are my options?
On the basis that 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 magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole an enquiry agent may be useful to conduct investigations 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 both on investigating the landlord’s absence and the application to the County Court covering Gidea Park.
I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Gidea Park. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Gidea Park are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Gidea Park in which case you should be looking for a Gidea Park conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am attracted to a two maisonettes in Gidea Park which have in the region of forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Gidea Park. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold house in Gidea Park. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element 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 a negotiator for a long established estate agency in Gidea Park where we have experienced a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Gidea Park conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Gidea Park conveyancing firm to assist?
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 it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension case for a Gidea Park premises 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 was in relation to 1 flat. The the unexpired residue of the current lease was 57.5 years.
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