Sample questions relating to Upton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Upton. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Upton - then the leasehold title will always include the basic details 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.
There are only 62 years remaining on my lease in Upton. I need to get lease extension but my freeholder is absent. What options are available to me?
On the basis that 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 enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. In some cases an enquiry agent may be helpful to conduct investigations and to produce an expert document which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Upton.
I am a negotiator for a long established estate agent office in Upton where we have witnessed a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Upton conveyancing solicitors. Could you confirm whether the seller of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 buyer.
Do you have any advice for leasehold conveyancing in Upton from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Upton can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Upton leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the consents to hand do not contact the landlord without checking with your conveyancer in advance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £425000 garden flat in Upton in just under a week. The management company has quoted £360 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Upton?
Upton conveyancing on leasehold flats typically involves fees being invoiced by managing agents :
- Answering pre-exchange questions
- Where consent is required before sale in Upton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Upton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Upton conveyancing firm who can help.
An example of a Lease Extension decision for a Upton premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The the unexpired term as at the valuation date was 76 years.