Examples of recent questions relating to leasehold conveyancing in Tufnell Park
I only have Sixty One years unexpired on my flat in Tufnell Park. I now want to extend my lease but my freeholder is can not be found. What should I do?
If you qualify, 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 enable the lease to be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. On the whole an enquiry agent would be useful to try and locate and prepare a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Tufnell Park.
Estate agents have just been given the go-ahead to market my 2 bed flat in Tufnell Park.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
Last month I purchased a leasehold flat in Tufnell Park. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, 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 be sure 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).
All being well we will complete our sale of a £ 300000 maisonette in Tufnell Park on Monday in a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Tufnell Park?
Tufnell Park conveyancing on leasehold flats more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the leaseholder of a ground flat in Tufnell Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension decision for a Tufnell Park property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The remaining number of years on the lease was 64.77 years.
What makes a Tufnell Park lease unmortgageable?
There is nothing unique about leasehold conveyancing in Tufnell Park. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Barclays Direct 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, obliging the buyer to withdraw.
I bought a garden flat in Tufnell Park, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Tufnell Park with a long lease are worth £232,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2100
You have 74 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.