Questions and Answers: Rise Park leasehold conveyancing
I only have Sixty One years remaining on my lease in Rise Park. I am keen to extend my lease but my freeholder is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have done all that could be expected to track down the lessor. For most situations an enquiry agent should be useful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court covering Rise Park.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Rise Park. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Rise Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Rise Park so you should seriously consider looking for a Rise Park conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I work for a long established estate agency in Rise Park where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Rise Park conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
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 purchaser.
What are your top tips when it comes to finding a Rise Park conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Rise Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Rise Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 flat in Rise Park next Tuesday . The management company has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Rise Park?
Rise Park conveyancing on leasehold maisonettes more often than not requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to do so. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Rise Park conveyancing firm to act on my behalf?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a Rise Park premises is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case affected 1 flat.