Examples of recent questions relating to leasehold conveyancing in Stanmore
Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Stanmore. I now want to extend my lease 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 submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. For most situations a specialist would be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Stanmore.
I am attracted to a couple of maisonettes in Stanmore which have about forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Stanmore. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold house in Stanmore. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation 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. 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 Stanmore from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stanmore can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers representatives.
- Many freeholders or Management Companies in Stanmore charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Stanmore.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Stanmore conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Stanmore conveyancing firm who can help.
An example of a Lease Extension case for a Stanmore flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 70.25 years.
What are the common defects that you see in leases for Stanmore properties?
Leasehold conveyancing in Stanmore is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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 may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.