Worcester Park leasehold conveyancing: Q and A’s
I only have Sixty One years unexpired on my lease in Worcester Park. I need to extend my lease but my freeholder is missing. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the lessor. On the whole a specialist may be useful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Worcester Park.
I’m about to sell my 2 bed flat in Worcester Park.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Last month I purchased a leasehold flat in Worcester Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. However, 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).
What are your top tips when it comes to appointing a Worcester Park conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Worcester Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Worcester Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If they are not ALEP accredited then what is the reason?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Worcester Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Worcester Park conveyancing firm who can help.
An example of a Lease Extension decision for a Worcester Park residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The remaining number of years on the lease was 60.43 years.
What makes a Worcester Park lease unmortgageable?
Leasehold conveyancing in Worcester Park is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.