Recently asked questions relating to Old Oak Common leasehold conveyancing
There are only Sixty One years remaining on my flat in Old Oak Common. I need to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. On the whole an enquiry agent would be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Old Oak Common.
Expecting to sign contracts shortly on a basement flat in Old Oak Common. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Old Oak Common should include some of the following:
- The total extent of the premises. This will be the flat itself but might include a loft or basement if appropriate.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Old Oak Common. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Old Oak Common are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Old Oak Common in which case you should be looking for a Old Oak Common conveyancing practitioner and be sure 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 at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
Can you provide any advice for leasehold conveyancing in Old Oak Common with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Old Oak Common can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- A minority of Old Oak Common leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
I am the leaseholder of a a ground floor purpose built flat in Old Oak Common. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Old Oak Common conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Old Oak Common property is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case was in relation to 2 flats. The unexpired term was 68.47 years.
What are the common defects that you witness in leases for Old Oak Common properties?
There is nothing unique about leasehold conveyancing in Old Oak Common. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- 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 will 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. Barclays , Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.