Recently asked questions relating to Grahame Park leasehold conveyancing
I am in need of some leasehold conveyancing in Grahame Park. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Grahame Park - 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 have recently realised that I have 62 years left on my flat in Grahame Park. I am keen to extend my lease but my landlord is can not be found. 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the landlord. On the whole a specialist would be useful to carry out a search and to produce an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Grahame Park.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Grahame Park. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Grahame Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Grahame Park in which case you should be shopping around for a Grahame Park conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
If all goes to plan we aim to complete our sale of a £375000 flat in Grahame Park in nine days. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Grahame Park?
Grahame Park conveyancing on leasehold apartments normally involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I own a second floor flat in Grahame Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Grahame Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Grahame Park property is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case was in relation to 2 flats. The the unexpired residue of the current lease was 71.5 years.
Are there frequently found deficiencies that you come across in leases for Grahame Park properties?
There is nothing unique about leasehold conveyancing in Grahame Park. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.