Sample questions relating to Sidcup leasehold conveyancing
I have recently realised that I have Seventy years remaining on my flat in Sidcup. I am keen to get lease extension but my landlord is missing. What are my options?
On the basis that you qualify, 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 extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. For most situations an enquiry agent would be useful to try and locate and to produce a report to 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 overseeing Sidcup.
I have just started marketing my ground floor flat in Sidcup.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly 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 unless 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've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Sidcup. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Sidcup ?
Most houses in Sidcup are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Sidcup in which case you should be shopping around for a Sidcup conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority 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 such as obtaining the landlord’sconsent to carry out alterations. 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 conveyancer will appraise you on the various issues.
I am attracted to a two maisonettes in Sidcup both have in the region of fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Sidcup is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with less than 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 Sidcup conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 advice for leasehold conveyancing in Sidcup with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sidcup can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Sidcup leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer first.
My wife and I have hit a brick wall in negotiating a lease extension in Sidcup. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Sidcup residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.