Experts for Leasehold Conveyancing in Ponders End

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Common questions relating to Ponders End leasehold conveyancing

I only have Seventy years unexpired on my lease in Ponders End. I now wish to extend my lease but my landlord is missing. What are my options?

On the basis that 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 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 landlord. For most situations a specialist should be useful to carry out a search and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Ponders End.

Estate agents have just been given the go-ahead to market my ground floor apartment in Ponders End.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of apartments in Ponders End which have in the region of fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Ponders End is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with under 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 a residence 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 Ponders End 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 top tips for leasehold conveyancing in Ponders End from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Ponders End can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
  • Many freeholders or managing agents in Ponders End levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ponders End.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Ponders End state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the consents to hand do not communicate with the landlord without contacting your solicitor in advance.
  • Some Ponders End leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Ponders End conveyancing firm to represent me?

    in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the price payable.

    An example of a Vesting Order and Purchase of freehold decision for a Ponders End residence 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 affected 2 flats. The unexpired lease term was 80.01 years.

    In relation to leasehold conveyancing in Ponders End what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Ponders End. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Godiva Mortgages 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 is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Ponders End