Top Five Questions relating to South Harrow leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years left on my flat in South Harrow. I need to get lease extension but my freeholder is absent. What options are available to me?
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 enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent should be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering South Harrow.
My wife and I purchased a leasehold flat in South Harrow. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in South Harrow who previously acted has now retired.Any advice?
First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a South Harrow conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in South Harrow both have approximately 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in South Harrow is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 South Harrow 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I've recently bought a leasehold house in South Harrow. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 advice for leasehold conveyancing in South Harrow from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in South Harrow can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in South Harrow charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in South Harrow.
I am the leaseholder of a ground floor flat in South Harrow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Most certainly. We can put you in touch with a South Harrow conveyancing firm who can help.
An example of a Lease Extension case for a South Harrow property 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 affected 1 flat. The unexpired term was 79 years.