Top Five Questions relating to Holborn leasehold conveyancing
There are only Seventy years remaining on my flat in Holborn. I now wish to extend my lease but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. For most situations an enquiry agent would be useful to carry out a search and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Holborn.
Expecting to complete next month on a studio apartment in Holborn. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Holborn should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just started marketing my basement apartment in Holborn.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
We expect to complete the sale of our £250000 apartment in Holborn in just under a week. The landlords agents has quoted £312 for Certificate of Compliance, 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 Holborn?
Holborn conveyancing on leasehold apartments often involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to sell the property.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Holborn. 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 statutes you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Holborn flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term was 66.8 years.
What makes a Holborn lease problematic?
There is nothing unique about leasehold conveyancing in Holborn. Most leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.