Sample questions relating to Upney leasehold conveyancing
I only have 62 years unexpired on my flat in Upney. I now wish to get lease extension but my landlord is missing. What options are available to me?
If you qualify, 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 lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. In some cases a specialist may be helpful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court covering Upney.
Planning to exchange soon on a leasehold property in Upney. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Upney should include some of the following:
- You should receive a copy of the lease
I am attracted to a two flats in Upney which have in the region of 50 years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold flat in Upney. Am I liable to pay service charges relating to a period prior to my ownership?
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 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).
Do you have any top tips for leasehold conveyancing in Upney with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Upney can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many landlords or managing agents in Upney charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Upney.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Upney conveyancing firm to act on my behalf?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a Upney premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The the unexpired residue of the current lease was 61.36 years.