Questions and Answers: Mill Hill leasehold conveyancing
I only have Fifty years unexpired on my flat in Mill Hill. I need to get lease extension but my freeholder is missing. What are my options?
If 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 an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent may be helpful to try and locate and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Mill Hill.
I am attracted to a two flats in Mill Hill which have about fifty years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Mill Hill. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to appointing a Mill Hill conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Mill Hill conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Mill Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Mill Hill with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Mill Hill can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or managing agents in Mill Hill levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for 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 frustration in leasehold conveyancing in Mill Hill.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Mill Hill conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Mill Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Mill Hill premises is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The remaining number of years on the lease was 71.73 years.
Are there frequently found deficiencies that you witness in leases for Mill Hill properties?
Leasehold conveyancing in Mill Hill is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.