Top Five Questions relating to Old Ford leasehold conveyancing
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Old Ford. I now wish to extend my lease but my landlord is can not be found. 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 enable the lease to be extended by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the freeholder. For most situations a specialist would be helpful to carry out a search and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Old Ford.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Old Ford. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Old Ford are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Old Ford so you should seriously consider shopping around for a Old Ford conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Old Ford both have in the region of 50 years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Old Ford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 Old Ford 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.
Do you have any advice for leasehold conveyancing in Old Ford from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Old Ford can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Old Ford state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Where you dont have the consents in place you should not contact the landlord without contacting your conveyancer in advance.
Completion in due on the disposal of our £425000 maisonette in Old Ford on Wednesday in a week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Old Ford?
For the majority of leasehold sales in Old Ford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Old Ford
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Old Ford. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Old Ford premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.