Honor Oak leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have 68 years left on my lease in Honor Oak. I need to extend my lease but my landlord is can not be found. What are my options?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to find the freeholder. For most situations an enquiry agent would be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Honor Oak.
Expecting to sign contracts shortly on a studio apartment in Honor Oak. 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 Honor Oak should include some of the following:
- You should be sent a copy of the lease
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Honor Oak. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Honor Oak are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Honor Oak so you should seriously consider looking for a Honor Oak conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I am attracted to a two maisonettes in Honor Oak both have about 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Honor Oak is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Honor Oak conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to appointing a Honor Oak conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Honor Oak conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Honor Oak conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
I have had difficulty in trying to purchase the freehold in Honor Oak. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 61.81 years.
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