Top Five Questions relating to North Ockendon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in North Ockendon. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in North Ockendon - 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 would like to rent out my leasehold apartment in North Ockendon. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous North Ockendon conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must obtain permission from your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 68 years remaining on my lease in North Ockendon. I now want to get lease extension but my freeholder is absent. What options are available to me?
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 an order 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 demonstrate that you or your lawyers have used your best endeavours to track down the lessor. For most situations an enquiry agent should be useful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering North Ockendon.
I am attracted to a couple of flats in North Ockendon both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in North Ockendon 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 property. For most buyers and lenders, leases with under eighty years become less and less attractive. 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 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 North Ockendon 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 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.
If all goes to plan we aim to complete our sale of a £475000 garden flat in North Ockendon on Tuesday in a week. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in North Ockendon?
For most leasehold sales in North Ockendon conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in North Ockendon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in trying to purchase the freehold in North Ockendon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a North Ockendon residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.