Questions and Answers: Gospel Oak leasehold conveyancing
I am in need of some leasehold conveyancing in Gospel Oak. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Gospel Oak - 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.
I only have Fifty years left on my flat in Gospel Oak. I now wish to extend my lease but my freeholder is missing. What should I do?
If you qualify, 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 enable the lease to 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 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 solicitor in relation to proving the landlord’s absence and the application to the County Court covering Gospel Oak.
I’m about to sell my basement flat in Gospel Oak.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 until 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.
I am a negotiator for a reputable estate agency in Gospel Oak where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Gospel Oak conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 buyer.
I am the proprietor of a two-bedroom flat in Gospel Oak. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
You certainly can. We can put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension decision for a Gospel Oak property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term was 64.77 years.
When it comes to leasehold conveyancing in Gospel Oak what are the most common lease problems?
Leasehold conveyancing in Gospel Oak is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter 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. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.