Examples of recent questions relating to leasehold conveyancing in Rise Park
There are only 72 years unexpired on my lease in Rise Park. I now wish to extend my lease but my landlord 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the lessor. In some cases a specialist may be useful to try and locate and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Rise Park.
I have just appointed agents to market my basement flat in Rise Park.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2002, I bought a leasehold flat in Rise Park. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Rise Park who acted for me is not around.Any advice?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Rise Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Rise Park which have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Rise Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 premises 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 Rise Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
My wife and I have hit a brick wall in trying to purchase the freehold in Rise Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension matter before the tribunal for a Rise Park residence 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 was in relation to 1 flat.
What are the frequently found deficiencies that you see in leases for Rise Park properties?
There is nothing unique about leasehold conveyancing in Rise Park. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.