Frequently asked questions relating to Ponders End leasehold conveyancing
I am on look out for some leasehold conveyancing in Ponders End. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Ponders End - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have recently realised that I have 72 years unexpired on my lease in Ponders End. I need to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations an enquiry agent should be helpful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Ponders End.
Last month I purchased a leasehold flat in Ponders End. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
Do you have any advice for leasehold conveyancing in Ponders End from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Ponders End can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- Many landlords or managing agents in Ponders End charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Ponders End.
Completion in due on the disposal of our £475000 maisonette in Ponders End in 10 days. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Ponders End?
Ponders End conveyancing on leasehold flats often necessitates the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Ponders End conveyancing firm to help?
You certainly can. We can put you in touch with a Ponders End conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold case for a Ponders End premises is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The the unexpired residue of the current lease was 80.01 years.