Recently asked questions relating to Rayners Lane leasehold conveyancing
I have recently realised that I have Seventy years left on my lease in Rayners Lane. I now want to extend my lease but my landlord 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 apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the freeholder. In some cases an enquiry agent should be useful to conduct investigations and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Rayners Lane.
Looking forward to sign contracts shortly on a ground floor flat in Rayners Lane. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rayners Lane should include some of the following:
- You should receive a copy of the lease
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Rayners Lane. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Rayners Lane ?
Most houses in Rayners Lane are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Rayners Lane in which case you should be looking for a Rayners Lane conveyancing solicitor and check that they have experience in advising 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 will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
I am looking at a two apartments in Rayners Lane which have approximately fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Rayners Lane. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies 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 field
My wife and I have hit a brick wall in seeking a lease extension in Rayners Lane. Can this matter be resolved via the Leasehold Valuation Tribunal?
if 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 LVT to determine the price.
An example of a Lease Extension decision for a Rayners Lane premises is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case was in relation to 1 flat. The the unexpired residue of the current lease was 79 years.
Are there common defects that you encounter in leases for Rayners Lane properties?
Leasehold conveyancing in Rayners Lane is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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. Santander, Leeds Building Society, and Godiva Mortgages Ltd all have express 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 provide security, obliging the buyer to pull out.