Recently asked questions relating to Tower Hill leasehold conveyancing
I have recently realised that I have Fifty years remaining on my lease in Tower Hill. I now want to get lease extension but my freeholder is absent. What options are available to me?
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 mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent would be helpful to try and locate and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court covering Tower Hill.
Looking forward to sign contracts shortly on a ground floor flat in Tower Hill. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Tower Hill should include some of the following:
- Defining your rights in respect of common areas in the block.E.G., does the lease include a right of way over a path or staircase?
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Tower Hill. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Tower Hill are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Tower Hill in which case you should be shopping around for a Tower Hill conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I am a negotiator for a reputable estate agent office in Tower Hill where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Tower Hill conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. This means that the buyer 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 before, 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 purchaser.
Do you have any advice for leasehold conveyancing in Tower Hill from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Tower Hill can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the buyers representatives.
- A minority of Tower Hill leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
We have reached the end of our tether in seeking a lease extension in Tower Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Tower Hill residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The the number of years remaining on the existing lease(s) was 107 years.
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