Questions and Answers: Seven Kings leasehold conveyancing
I have recently realised that I have 62 years remaining on my flat in Seven Kings. I am keen to get lease extension but my freeholder is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be helpful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Seven Kings.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Seven Kings. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Seven Kings are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Seven Kings so you should seriously consider shopping around for a Seven Kings conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am looking at a two apartments in Seven Kings which have about fifty years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold house in Seven Kings. Am I liable to pay service charges for periods before my ownership?
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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any top tips for leasehold conveyancing in Seven Kings from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Seven Kings can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Seven Kings leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the approvals in place do not communicate with the landlord without checking with your conveyancer before hand.
I am the proprietor of a first flat in Seven Kings. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Seven Kings conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The the unexpired residue of the current lease was 61.36 years.