Frequently asked questions relating to Gospel Oak leasehold conveyancing
There are only Fifty years unexpired on my flat in Gospel Oak. I am keen to get lease extension but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. On the whole a specialist may be useful to try and locate and to produce an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Gospel Oak.
I’m about to sell my 2 bed flat in Gospel Oak.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
My wife and I purchased a leasehold flat in Gospel Oak. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Gospel Oak who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Gospel Oak conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agent office in Gospel Oak where we see a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Gospel Oak conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Gospel Oak with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Gospel Oak can be avoided if you get in touch 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’ representatives.
- Many freeholders or Management Companies in Gospel Oak charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Gospel Oak.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Gospel Oak. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Gospel Oak premises 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.
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