Common questions relating to Honor Oak leasehold conveyancing
I only have Sixty One years unexpired on my lease in Honor Oak. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent would be useful to carry out a search and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Honor Oak.
Expecting to sign contracts shortly on a ground floor flat in Honor Oak. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Honor Oak should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of flats in Honor Oak both have in the region of fifty years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
What advice can you give us when it comes to appointing a Honor Oak conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Honor Oak conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Honor Oak conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions has the firm conducted in Honor Oak in the last year?
Can you provide any advice for leasehold conveyancing in Honor Oak from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Honor Oak can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- Many freeholders or Management Companies in Honor Oak charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Honor Oak.
I have had difficulty in trying to reach an agreement for a lease extension in Honor Oak. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Lease Extension case for a Honor Oak residence is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 61.81 years.