Common questions relating to Holland Park leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years left on my flat in Holland Park. I now want to extend my lease but my landlord is absent. What should I do?
On the basis that 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 mean that your lease can be extended by the Court. However, you will be required to prove that you have used your best endeavours to find the lessor. On the whole an enquiry agent should be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Holland Park.
I have just appointed agents to market my 2 bed apartment in Holland Park.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is clear the service charge 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 managing agents 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.
I am tempted by the attractive purchase price for a two maisonettes in Holland Park both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I work for a reputable estate agency in Holland Park where we have experienced a few flat sales jeopardised due to short leases. I have received conflicting advice from local Holland Park conveyancing firms. 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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.
Can you offer any advice when it comes to finding a Holland Park conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Holland Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Holland Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Holland Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Holland Park conveyancing firm who can help.
An example of a Lease Extension decision for a Holland Park residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The the unexpired residue of the current lease was 37.79 years.
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