Stroud Green leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Stroud Green. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Stroud Green - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I only have Fifty years remaining on my lease in Stroud Green. I now want to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, 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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations a specialist should be useful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Stroud Green.
I am hoping to exchange soon on a leasehold property in Stroud Green. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stroud Green should include some of the following:
- You should receive a copy of the lease
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 it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Stroud Green. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Stroud Green ?
The majority of houses in Stroud Green are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Stroud Green so you should seriously consider looking for a Stroud Green conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 flat in Stroud Green next week. The management company has quoted £324 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Stroud Green?
Stroud Green conveyancing on leasehold flats usually necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stroud Green. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to make a decision on the premium.
An example of a Freehold Enfranchisement decision for a Stroud Green residence is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The remaining number of years on the lease was 71 years.