Questions and Answers: Totteridge leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years left on my flat in Totteridge. I am keen to get lease extension but my freeholder is missing. What are my options?
If you qualify, 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 mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist should be helpful to try and locate and to produce an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Totteridge.
Planning to exchange soon on a leasehold property in Totteridge. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Totteridge should include some of the following:
- Are you allowed to have a pet in the flat?
I have just appointed agents to market my basement flat in Totteridge.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – Do I pay up?
It best that you clear the service charge 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 managing agents will not acknowledge the buyer until 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Totteridge. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Totteridge ?
Most houses in Totteridge are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Totteridge so you should seriously consider shopping around for a Totteridge conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Totteridge both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Totteridge is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 75 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 premises 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 Totteridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 have given up trying to reach an agreement for a lease extension in Totteridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension case for a Totteridge residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The remaining number of years on the lease was 76 years.