Top Five Questions relating to Tottenham Hale leasehold conveyancing
I have just started marketing my ground floor flat in Tottenham Hale.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 management companies 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. This will smooth the conveyancing process.
I own a leasehold flat in Tottenham Hale. Conveyancing and Aldermore mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Tottenham Hale 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 incur the fees of a Tottenham Hale conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Tottenham Hale which have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Tottenham Hale. The lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agency in Tottenham Hale where we have witnessed a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Tottenham Hale conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
I am the proprietor of a ground flat in Tottenham Hale. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Tottenham Hale conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Tottenham Hale premises 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 related to 2 flats. The remaining number of years on the lease was 74.13 years.
What makes a Tottenham Hale lease unacceptable for security purposes?
Leasehold conveyancing in Tottenham Hale is not unique. All leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.