Common questions relating to North End leasehold conveyancing
I am in need of some leasehold conveyancing in North End. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in North End - 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.
There are only 72 years unexpired on my flat in North End. I need to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order 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 prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations a specialist would be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing North End.
Looking forward to complete next month on a studio apartment in North End. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in North End should include some of the following:
- You should be sent a copy of the lease
I am employed by a busy estate agency in North End where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local North End conveyancing solicitors. Could you clarify whether the owner of a flat can initiate 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 proposed purchaser 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 before, or simultaneously with completion of the sale.
An alternative approach is 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.
Do you have any advice for leasehold conveyancing in North End from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in North End can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or managing agents in North End levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in North End.
Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in North End. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a North End conveyancing firm who can help.
An example of a Lease Extension case for a North End property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The the number of years remaining on the existing lease(s) was 76 years.