Harringay leasehold conveyancing: Q and A’s
I have recently realised that I have Sixty One years left on my lease in Harringay. I now wish to extend my lease but my landlord is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to track down the landlord. For most situations a specialist would be helpful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Harringay.
Due to sign contracts shortly on a studio apartment in Harringay. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Harringay should include some of the following:
- You should be sent a copy of the lease
I own a leasehold house in Harringay. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Harringay who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Harringay conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Harringay which have about forty five years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Harringay is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. 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 premises 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 Harringay 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 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 a negotiator for a long established estate agent office in Harringay where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Harringay conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
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 proposed purchaser 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 at the same time as completion of the sale.
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.
I have had difficulty in trying to purchase the freehold in Harringay. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to judgment on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Harringay property is 37 St. Margarets Avenue in January 2010. Following a vesting order by Edmonton County Court on 8th November 2008 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case related to 2 flats. The the unexpired term as at the valuation date was 74.75 years.