Gospel Oak leasehold conveyancing Example Support Desk Enquiries
I’m about to sell my basement flat in Gospel Oak.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is 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 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.
Back In 2002, I bought a leasehold house in Gospel Oak. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Gospel Oak who previously acted has now retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Gospel Oak conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of flats in Gospel Oak which have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property 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 recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I work for a busy estate agent office in Gospel Oak where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Gospel Oak conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 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.
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.
What are your top tips when it comes to appointing a Gospel Oak conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Gospel Oak conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Gospel Oak conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Gospel Oak conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension case for a Gospel Oak flat 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 the unexpired residue of the current lease was 64.77 years.