West Barnes leasehold conveyancing: Q and A’s
There are only Seventy years unexpired on my flat in West Barnes. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, 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 magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document which can be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing West Barnes.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in West Barnes. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in West Barnes are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in West Barnes so you should seriously consider looking for a West Barnes 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 lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am attracted to a two flats in West Barnes both have in the region of 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 West Barnes is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 West Barnes conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
What are your top tips when it comes to appointing a West Barnes conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a West Barnes conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non West Barnes conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
Completion in due on our sale of a £425000 maisonette in West Barnes next week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in West Barnes?
West Barnes conveyancing on leasehold flats usually involves the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
I am the proprietor of a ground floor flat in West Barnes. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a West Barnes conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West Barnes flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
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