Sample questions relating to Seven Kings leasehold conveyancing
I have recently realised that I have 68 years unexpired on my flat in Seven Kings. I need to get lease extension but my landlord is missing. What should I do?
If you meet the appropriate requirements, 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 enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to locate the landlord. In some cases a specialist would be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Seven Kings.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Seven Kings. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Seven Kings ?
Most houses in Seven Kings are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Seven Kings in which case you should be shopping around for a Seven Kings conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Seven Kings which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Seven Kings is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under eighty 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 premises 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 property 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 Seven Kings 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.
All being well we will complete our sale of a £175000 garden flat in Seven Kings in six days. The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Seven Kings?
Seven Kings conveyancing on leasehold maisonettes ordinarily necessitates administration charges invoiced by management companies :
- Answering pre-exchange enquiries
- Where consent is required before sale in Seven Kings
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up trying to purchase the freehold in Seven Kings. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension case 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 was in relation to 1 flat. The the unexpired term as at the valuation date was 61.36 years.
What makes a Seven Kings lease unmortgageable?
Leasehold conveyancing in Seven Kings is not unique. All leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Alliance & Leicester 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 is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
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