Common questions relating to Tufnell Park leasehold conveyancing
I am in need of some leasehold conveyancing in Tufnell Park. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Tufnell Park - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Tufnell Park. I now wish to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 demonstrate that you have used your best endeavours to track down the lessor. On the whole an enquiry agent should be helpful to conduct investigations and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Tufnell Park.
I am tempted by the attractive purchase price for a couple of apartments in Tufnell Park both have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
Do you have any advice for leasehold conveyancing in Tufnell Park from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Tufnell Park can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers solicitors.
- A minority of Tufnell Park leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 solicitors.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 maisonette in Tufnell Park next Tuesday . The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Tufnell Park?
Tufnell Park conveyancing on leasehold flats often requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to sell the property.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Tufnell Park. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tufnell Park flat 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 64.77 years.