Frequently asked questions relating to Mitcham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Mitcham. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Mitcham - 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.
I have recently realised that I have Fifty years left on my lease in Mitcham. 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. For most situations an enquiry agent may be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court covering Mitcham.
Expecting to complete next month on a leasehold property in Mitcham. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Mitcham should include some of the following:
- The total extent of the premises. This will be the property itself but might incorporate a roof space or cellar if appropriate.
I am a negotiator for a reputable estate agency in Mitcham where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Mitcham conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Mitcham conveyancing firm to assist?
Most definitely. We are happy to put you in touch with a Mitcham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Mitcham flat is 50 & 52 Southcroft Road in September 2013. The tribunals own valuation determined that the premium payable should be £29,000 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 86.11 and 60.64.
When it comes to leasehold conveyancing in Mitcham what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Mitcham. All leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.