Recently asked questions relating to Tottenham Green leasehold conveyancing
Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Tottenham Green. I now want to extend my lease but my landlord is missing. What are my options?
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 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 used your best endeavours to find the lessor. In some cases a specialist may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Tottenham Green.
I am tempted by the attractive purchase price for a couple of flats in Tottenham Green both have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Tottenham Green. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in Tottenham Green. Do I have any liability for 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 ensure 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).
I am a negotiator for a long established estate agency in Tottenham Green where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Tottenham Green conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
If all goes to plan we aim to complete the sale of our £175000 garden flat in Tottenham Green on Thursday in a week. The freeholder has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Tottenham Green?
Tottenham Green conveyancing on leasehold flats more often than not requires the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a ground-floor 1960’s flat in Tottenham Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Absolutely. We are happy to put you in touch with a Tottenham Green conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Tottenham Green property is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case affected 2 flats. The the unexpired residue of the current lease was 74.13 years.