Hayes leasehold conveyancing: Q and A’s
I have recently realised that I have 72 years unexpired on my lease in Hayes. I need to get lease extension but my landlord is missing. What are my options?
On the basis that 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 mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole a specialist may be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Hayes.
I am hoping to sign contracts shortly on a ground floor flat in Hayes. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hayes should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am tempted by the attractive purchase price for a two apartments in Hayes which have about 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Hayes. The lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I've recently bought a leasehold house in Hayes. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have had difficulty in negotiating a lease extension in Hayes. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Freehold Enfranchisement case for a Hayes property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The the number of years remaining on the existing lease(s) was 69 years.
When it comes to leasehold conveyancing in Hayes what are the most common lease defects?
Leasehold conveyancing in Hayes is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.