Top Five Questions relating to Highbury leasehold conveyancing
I am on look out for some leasehold conveyancing in Highbury. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Highbury - then the leasehold title will always include the short particulars 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.
I have recently realised that I have 68 years left on my lease in Highbury. I am keen to extend my lease 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 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 extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. On the whole a specialist may be helpful to conduct investigations and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Highbury.
Due to exchange soon on a basement flat in Highbury. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Highbury should include some of the following:
- Does the lease prohibit wood flooring?
I've recently bought a leasehold house in Highbury. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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 given up negotiating a lease extension in Highbury. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Highbury conveyancing firm who can help.
An example of a Lease Extension case for a Highbury property is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case was in relation to 1 flat.
In relation to leasehold conveyancing in Highbury what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Highbury. Most leases are individual and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.