Common questions relating to Hatton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Hatton. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Hatton - 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 left on my flat in Hatton. I now want to get lease extension but my landlord is can not be found. What are my options?
If 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. On the whole a specialist may be helpful to carry out a search and to produce a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Hatton.
I am attracted to a two maisonettes in Hatton which have approximately 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Hatton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and banks, leases with under 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 a residence 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 Hatton 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 any new 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.
Can you provide any advice for leasehold conveyancing in Hatton with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hatton can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- Many freeholders or managing agents in Hatton charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Hatton.
All being well we will complete the disposal of our £250000 apartment in Hatton next week. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Hatton?
Hatton conveyancing on leasehold apartments nine out of ten times necessitates fees being raised by management companies :
- Answering pre-exchange questions
- Where consent is required before sale in Hatton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hatton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension decision for a Hatton property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired lease term was 82.93 years.