Examples of recent questions relating to leasehold conveyancing in Harold Park
Having had my offer accepted I require leasehold conveyancing in Harold Park. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and most are in Harold Park - 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.
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Harold Park. I now wish to get lease extension but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, 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 mean that your lease can be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. For most situations an enquiry agent should be useful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Harold Park.
My wife and I purchased a leasehold house in Harold Park. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Harold Park who previously acted has long since retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Harold Park conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a reputable estate agency in Harold Park where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Harold Park conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 provide any top tips for leasehold conveyancing in Harold Park with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Harold Park can be bypassed where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- Some Harold Park leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
We have reached the end of our tether in trying to purchase the freehold in Harold Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Harold Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Harold Park flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired term was 57.5 years.