Gipsy Hill leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Gipsy Hill. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Gipsy Hill - then the leasehold title will always include the short particulars 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.
There are only Sixty One years unexpired on my lease in Gipsy Hill. I am keen to get lease extension but my landlord is absent. What options are available to me?
If 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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Gipsy Hill.
Planning to sign contracts shortly on a ground floor flat in Gipsy Hill. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Gipsy Hill should include some of the following:
- You should be sent a copy of the lease
I am employed by a reputable estate agent office in Gipsy Hill where we see a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Gipsy Hill conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Can you provide any top tips for leasehold conveyancing in Gipsy Hill from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Gipsy Hill can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- Some Gipsy Hill leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
I have given up trying to purchase the freehold in Gipsy Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Gipsy Hill conveyancing firm who can help.
An example of a Lease Extension case for a Gipsy Hill premises is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case related to 1 flat. The remaining number of years on the lease was 69 years.