Top Five Questions relating to Lampton leasehold conveyancing
I have recently realised that I have Sixty One years remaining on my lease in Lampton. I now want to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, 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 lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations an enquiry agent should be useful to conduct investigations and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court covering Lampton.
Estate agents have just been given the go-ahead to market my ground floor flat in Lampton.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear 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 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've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Lampton. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Lampton ?
The majority of houses in Lampton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Lampton in which case you should be shopping around for a Lampton conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I am attracted to a couple of maisonettes in Lampton both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Lampton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I am employed by a long established estate agent office in Lampton where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Lampton conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
My wife and I have hit a brick wall in trying to purchase the freehold in Lampton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Lampton conveyancing firm who can help.
An example of a Lease Extension case for a Lampton residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired lease term was 60.45 years.