Examples of recent questions relating to leasehold conveyancing in North Ockendon
There are only Sixty One years unexpired on my flat in North Ockendon. I need to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. On the whole an enquiry agent should be useful to try and locate and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing North Ockendon.
Due to sign contracts shortly on a garden flat in North Ockendon. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in North Ockendon should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Do you need to have carpet in the flat or are you allowed wood flooring?
- You need to be told what constitutes a Nuisance in the lease
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- What the implications are if you breach a clause of your lease?
Can you provide any top tips for leasehold conveyancing in North Ockendon from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in North Ockendon can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in North Ockendon levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in North Ockendon.
- If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
- If you hold a share in a the freehold, you should ensure that you hold the original share document. Arranging a duplicate share certificate can be a time consuming process and frustrates many a North Ockendon home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
- You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
Completion in due on our sale of a £ 225000 garden flat in North Ockendon next Tuesday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in North Ockendon?
North Ockendon conveyancing on leasehold apartments ordinarily involves administration charges levied by freeholders :
- Addressing pre-contract enquiries
- 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
I am the proprietor of a two-bedroom flat in North Ockendon. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
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 was in relation to 1 flat. The the unexpired residue of the current lease was 57.5 years.
When it comes to leasehold conveyancing in North Ockendon what are the most frequent lease defects?
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. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Leeds Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
I bought a split level flat in North Ockendon, conveyancing having been completed 2000. Can you work out an approximate cost of a lease extension? Similar properties in North Ockendon with an extended lease are worth £201,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2093
With 67 years left to run the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.