Examples of recent questions relating to leasehold conveyancing in Haggerston
I have recently realised that I have 72 years unexpired on my flat in Haggerston. I now want to get lease extension but my freeholder is missing. What are my options?
On the basis that 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 mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. In some cases an enquiry agent should be useful to carry out a search and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Haggerston.
I am tempted by the attractive purchase price for a couple of maisonettes in Haggerston which have in the region of forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Haggerston is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 Haggerston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I am employed by a long established estate agent office in Haggerston where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Haggerston conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.
Can you offer any advice when it comes to finding a Haggerston conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Haggerston conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Haggerston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Haggerston who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Haggerston with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Haggerston can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority freeholders or managing agents in Haggerston charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Haggerston.
I inherited a two-bedroom flat in Haggerston. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Haggerston conveyancing firm who can help.
An example of a Lease Extension decision for a Haggerston property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.