Top Five Questions relating to Lower Morden leasehold conveyancing
I am in need of some leasehold conveyancing in Lower Morden. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Lower Morden - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Lower Morden. I am keen to get lease extension but my landlord is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. On the whole an enquiry agent should be useful to carry out a search and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Lower Morden.
Last month I purchased a leasehold flat in Lower Morden. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a busy estate agency in Lower Morden where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Lower Morden conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 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.
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.
If all goes to plan we aim to complete the disposal of our £475000 apartment in Lower Morden on Friday in a week. The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Lower Morden?
Lower Morden conveyancing on leasehold maisonettes normally involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the proprietor of a second floor flat in Lower Morden. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension case for a Lower Morden residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired term was 60.43 years.