Questions and Answers: Hornsey leasehold conveyancing
I only have Seventy years unexpired on my lease in Hornsey. I need to get lease extension but my freeholder is absent. What are my options?
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 enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the freeholder. On the whole a specialist may be helpful to conduct investigations and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the application to the County Court overseeing Hornsey.
Planning to complete next month on a garden flat in Hornsey. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Hornsey should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Hornsey. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Hornsey ?
The majority of houses in Hornsey are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Hornsey so you should seriously consider shopping around for a Hornsey conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Hornsey from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Hornsey can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
- Many freeholders or Management Companies in Hornsey levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Hornsey.
All being well we will complete the sale of our £425000 maisonette in Hornsey next week. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Hornsey?
Hornsey conveyancing on leasehold apartments normally involves fees being levied by managing agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Hornsey
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Hornsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Hornsey conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Hornsey residence is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case affected 3 flats. The unexpired term was 73.27 years.