Sample questions relating to Newbury Park leasehold conveyancing
There are only 72 years left on my lease in Newbury Park. I am keen to extend my lease but my freeholder is absent. What options are available to me?
If you qualify, 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 enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist may be useful to try and locate and prepare a report to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Newbury Park.
I am attracted to a couple of maisonettes in Newbury Park which have about forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Newbury Park is a wasting 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 banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Can you offer any advice when it comes to appointing a Newbury Park conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Newbury Park conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Newbury Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Newbury Park with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Newbury Park can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or Management Companies in Newbury Park charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Newbury Park.
My wife and I have hit a brick wall in seeking a lease extension in Newbury Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application 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 flat is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case was in relation to 1 flat. The unexpired lease term was 60.29 years.
In relation to leasehold conveyancing in Newbury Park what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Newbury Park. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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 a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.