Questions and Answers: Warlingham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Warlingham. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Warlingham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
There are only Sixty One years left on my lease in Warlingham. I need to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the landlord. In some cases a specialist should be helpful to try and locate and prepare a report which can be used as evidence that the landlord can not be located. 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 covering Warlingham.
I am tempted by the attractive purchase price for a two flats in Warlingham which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a long established estate agent office in Warlingham where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Warlingham conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
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. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
We expect to complete our sale of a £225000 flat in Warlingham in 10 days. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Warlingham?
Warlingham conveyancing on leasehold flats often involves the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you should you wish to sell the property.
My wife and I have hit a brick wall in trying to purchase the freehold in Warlingham. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Warlingham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Warlingham flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The the unexpired term as at the valuation date was 78.32 years.
Other Topics