Examples of recent questions relating to leasehold conveyancing in Newbury Park
Having had my offer accepted I require leasehold conveyancing in Newbury Park. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Newbury Park - 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 am intending to sublet my leasehold apartment in Newbury Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous Newbury Park conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
Estate agents have just been given the go-ahead to market my basement apartment in Newbury Park.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two flats in Newbury Park both have in the region of fifty years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Newbury Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with less than 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 premises 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 Newbury Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 a negotiator for a reputable estate agency in Newbury Park where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Newbury Park conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to wait 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 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 purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Newbury Park conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Newbury Park residence is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The unexpired lease term was 60.29 years.
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