Sample questions relating to Shacklewell leasehold conveyancing
I only have Sixty One years remaining on my lease in Shacklewell. I now want to get lease extension but my freeholder is missing. What should I do?
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 granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. On the whole a specialist would be useful to try and locate and to produce an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Shacklewell.
I am a negotiator for a long established estate agent office in Shacklewell where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Shacklewell conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to finding a Shacklewell conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Shacklewell conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Shacklewell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions has the firm conducted in Shacklewell in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Shacklewell with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Shacklewell can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Shacklewell levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding 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 delay in leasehold conveyancing in Shacklewell.
I have had difficulty in trying to reach an agreement for a lease extension in Shacklewell. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Shacklewell conveyancing firm who can help.
An example of a Lease Extension decision for a Shacklewell residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The the unexpired residue of the current lease was 80.5 years.
What makes a Shacklewell lease defective?
There is nothing unique about leasehold conveyancing in Shacklewell. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. 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.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.