Examples of recent questions relating to leasehold conveyancing in Loughton
I have recently realised that I have Seventy years unexpired on my flat in Loughton. I am keen 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to locate the freeholder. On the whole a specialist may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Loughton.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Loughton. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Loughton ?
The majority of houses in Loughton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Loughton so you should seriously consider shopping around for a Loughton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I've recently bought a leasehold flat in Loughton. Do I have any liability for 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 owner 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 be sure 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).
I am employed by a long established estate agency in Loughton where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Loughton conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
We expect to complete the sale of our £400000 apartment in Loughton next week. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Loughton?
Loughton conveyancing on leasehold maisonettes usually involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They may charge a reasonable charge for responding to questions 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 is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I inherited a basement flat in Loughton. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Most definitely. We can put you in touch with a Loughton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Loughton residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The the unexpired residue of the current lease was 69.26 years.