Leasehold Conveyancing in Upper Norwood - Get a Quote from the leasehold experts approved by your lender

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Upper Norwood, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Upper Norwood leasehold conveyancing

Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Upper Norwood. I need to get lease extension but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the landlord. For most situations a specialist may be useful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Upper Norwood.

My wife and I purchased a leasehold flat in Upper Norwood. Conveyancing and Barnsley Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Upper Norwood who previously acted has long since retired.Do I pay?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Upper Norwood conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two apartments in Upper Norwood both have approximately 50 years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Upper Norwood is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 property 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 premises 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 Upper Norwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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've recently bought a leasehold property in Upper Norwood. Do I have any liability for service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Do you have any top tips for leasehold conveyancing in Upper Norwood with the aim of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Upper Norwood can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • Some Upper Norwood leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Organising a re-issued share certificate can be a lengthy process and slows down many a Upper Norwood home move. Where a new share is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • I inherited a basement flat in Upper Norwood. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?

    if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price.

    An example of a Lease Extension case for a Upper Norwood property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The unexpired lease term was 26.38 years.

    Other Topics

    Lease Extensions in Upper Norwood