Sample questions relating to Gunnersbury leasehold conveyancing
I am on look out for some leasehold conveyancing in Gunnersbury. Before I set the wheels in motion 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 almost all are in Gunnersbury - then the leasehold title will always include the basic details 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 Gunnersbury. I now want to extend my lease but my freeholder is missing. What are my options?
On the basis that you meet the appropriate requirements, 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 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. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Gunnersbury.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Gunnersbury. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Gunnersbury are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Gunnersbury in which case you should be shopping around for a Gunnersbury conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
I am looking at a couple of maisonettes in Gunnersbury which have approximately 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Gunnersbury is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Gunnersbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We expect to complete the disposal of our £350000 garden flat in Gunnersbury in just under a week. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Gunnersbury?
Gunnersbury conveyancing on leasehold flats more often than not requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Gunnersbury conveyancing firm to assist?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the amount due.
An example of a Freehold Enfranchisement case for a Gunnersbury flat is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 64.64 years.
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