North Ockendon leasehold conveyancing Example Support Desk Enquiries
I only have Fifty years remaining on my flat in North Ockendon. I need to get lease extension but my landlord is missing. What should I do?
On the basis that 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 extended by the magistrate. You will be obliged to prove that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering North Ockendon.
I have just started marketing my basement apartment in North Ockendon.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you 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 attracted to a couple of apartments in North Ockendon both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold house in North Ockendon. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a North Ockendon conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to decide the amount due.
An example of a Lease Extension case for a North Ockendon premises 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 was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.
What makes a North Ockendon lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in North Ockendon. Most leases is drafted differently and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- 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 may encounter 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. Santander, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.