Recently asked questions relating to Northwood leasehold conveyancing
I only have 62 years left on my flat in Northwood. I now want to extend my lease but my freeholder is missing. What should I do?
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 magistrate. You will be obliged to prove that you have done all that could be expected to track down the lessor. For most situations an enquiry agent may be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Northwood.
Looking forward to complete next month on a studio apartment in Northwood. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Northwood should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Northwood. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Northwood ?
Most houses in Northwood are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Northwood in which case you should be shopping around for a Northwood conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two apartments in Northwood both have about forty five years left 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 premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Northwood from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Northwood can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- The majority landlords or managing agents in Northwood levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have 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 reason for delay in leasehold conveyancing in Northwood.
I am the proprietor of a garden flat in Northwood. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price payable.
An example of a Lease Extension decision for a Northwood flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The the unexpired term as at the valuation date was 71 years.