Sample questions relating to Tufnell Park leasehold conveyancing
Having checked my lease I have discovered that there are only 68 years remaining on my lease in Tufnell Park. I now want to extend my lease but my freeholder is missing. What should I do?
On the basis that 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 enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. In some cases an enquiry agent should be useful to try and locate and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Tufnell Park.
Expecting to sign contracts shortly on a basement flat in Tufnell Park. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Tufnell Park should include some of the following:
- Defining your legal entitlements in respect of the communal areas in the block.E.G., does the lease include a right of way over a path or hallways?
Last month I purchased a leasehold flat in Tufnell Park. Do I have any liability for service charges relating to a period prior to my ownership?
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).
I am employed by a reputable estate agent office in Tufnell Park where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Tufnell Park conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 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.
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.
Can you provide any advice for leasehold conveyancing in Tufnell Park with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Tufnell Park can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Tufnell Park levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Tufnell Park.
We have reached the end of our tether in seeking a lease extension in Tufnell Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension decision for a Tufnell Park premises 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 related to 1 flat. The unexpired lease term was 64.77 years.