Leasehold Conveyancing in Morden Park - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Morden Park, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your lender is to be Santander, Birmingham Midshires or Bradford & Bingley be sure to find a lawyer on their panel. Find a Morden Park conveyancing lawyer with our search tool

Recently asked questions relating to Morden Park leasehold conveyancing

I have recently realised that I have 72 years left on my flat in Morden Park. I need to get lease extension but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, 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 prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole a specialist would 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 solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Morden Park.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Morden Park. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Morden Park ?

Most houses in Morden Park are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Morden Park so you should seriously consider looking for a Morden Park conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two maisonettes in Morden Park which have about fifty years unexpired on the leases. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field

I am employed by a reputable estate agent office in Morden Park where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Morden Park conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

I have given up trying to reach an agreement for a lease extension in Morden Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most certainly. We can put you in touch with a Morden Park conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Morden Park premises 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 related to 1 flat. The unexpired term was 60.43 years.

What makes a Morden Park lease unacceptable for security purposes?

Leasehold conveyancing in Morden Park is not unique. All leases are unique and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain elements of the property
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Aldermore 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.