Sample questions relating to Leaves Green leasehold conveyancing
There are only Fifty years left on my flat in Leaves Green. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, 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 mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to locate the landlord. In some cases a specialist should be helpful to try and locate and prepare a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Leaves Green.
I am looking at a couple of flats in Leaves Green both have approximately forty five years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Leaves Green is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under 75 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 premises 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 premises 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 Leaves Green 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
I am a negotiator for a busy estate agent office in Leaves Green where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Leaves Green conveyancing firms. Please can you shed some light as to whether the seller 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Can you provide any advice for leasehold conveyancing in Leaves Green from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Leaves Green can be avoided if you get in touch 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’ conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Leaves Green state that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the paperwork to hand you should not contact the landlord without contacting your lawyer in advance.
Completion in due on our sale of a £425000 flat in Leaves Green in nine days. The management company has quoted £336 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Leaves Green?
Leaves Green conveyancing on leasehold maisonettes often involves the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Leaves Green conveyancing firm to act on my behalf?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price.
An example of a Lease Extension decision for a Leaves Green premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.