Questions and Answers: Trowbridge Estate leasehold conveyancing
I only have 68 years remaining on my lease in Trowbridge Estate. I now want to extend my lease but my freeholder is absent. What options are available to me?
If 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 demonstrate that you have used your best endeavours to find the freeholder. On the whole a specialist would be helpful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Trowbridge Estate.
Planning to complete next month on a basement flat in Trowbridge Estate. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Trowbridge Estate should include some of the following:
- You should be sent a copy of the lease
I have just started marketing my 2 bed apartment in Trowbridge Estate.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you 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 managing agents will not acknowledge the buyer unless 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 2003, I bought a leasehold house in Trowbridge Estate. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Trowbridge Estate who acted for me is not around.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Trowbridge Estate conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What makes a Trowbridge Estate lease unacceptable for security purposes?
Leasehold conveyancing in Trowbridge Estate is not unique. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Norwich and Peterborough Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I own a 2 bed flat in Trowbridge Estate, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Trowbridge Estate with a long lease are worth £175,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2097
You have 76 years left to run the likely cost is going to be between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.