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Woodside Park leasehold conveyancing Example Support Desk Enquiries

Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Woodside Park. I now want to get lease extension but my landlord is absent. What should I do?

On the basis that you meet the appropriate requirements, 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 Court. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. For most situations an enquiry agent may be helpful to carry out a search and prepare an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Woodside Park.

Planning to sign contracts shortly on a garden flat in Woodside Park. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Woodside Park should include some of the following:

  • You should receive a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • The physical extent of the demise. This will be the flat itself but might include a loft or cellar if appropriate.
  • Will you be prohibited or prevented from having pets in the property?
  • Whether the lease restricts you from renting out the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions) For a comprehensive list of information to be included in your report on your leasehold property in Woodside Park please ask your solicitor in advance of your conveyancing in Woodside Park

    • I am attracted to a two flats in Woodside Park both have about fifty years unexpired on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Woodside Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with under eighty 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 premises 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 a residence 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 Woodside Park 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 any new 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.

    Can you provide any top tips for leasehold conveyancing in Woodside Park with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Woodside Park can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or Management Companies in Woodside Park levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Woodside Park.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Woodside Park leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you fail to have the consents to hand do not contact the landlord without contacting your lawyer in advance.
  • Some Woodside Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Arranging a duplicate share certificate is often a lengthy formality and slows down many a Woodside Park conveyancing transaction. Where a reissued share is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • All being well we will complete the disposal of our £250000 flat in Woodside Park next week. The management company has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Woodside Park?

    Woodside Park conveyancing on leasehold maisonettes often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to sell the property.

    I am the proprietor of a ground-floor 1960’s flat in Woodside Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

    in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price.

    An example of a Lease Extension case for a Woodside Park residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The remaining number of years on the lease was 76 years.