Mortlake leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have Sixty One years remaining on my lease in Mortlake. I am keen to extend my lease but my landlord is can not be found. What should I do?
On the basis that 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. On the whole an enquiry agent may be helpful to carry out a search and prepare a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Mortlake.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Mortlake. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Mortlake are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Mortlake in which case you should be looking for a Mortlake conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Mortlake which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Mortlake is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat 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 a residence 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 Mortlake 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 employed by a busy estate agent office in Mortlake where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Mortlake conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
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.
We expect to complete the sale of our £125000 garden flat in Mortlake in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Mortlake?
For the majority of leasehold sales in Mortlake conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Mortlake
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Mortlake. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Mortlake conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Mortlake flat is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The remaining number of years on the lease was 66.25 years.
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