Questions and Answers: Berrylands leasehold conveyancing
I am in need of some leasehold conveyancing in Berrylands. 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 almost all are in Berrylands - 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 Seventy years left on my lease in Berrylands. I need to extend my lease but my freeholder is absent. What should I do?
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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. In some cases an enquiry agent would be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Berrylands.
I am looking at a two flats in Berrylands which have approximately 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why 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 companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
I am a negotiator for a long established estate agency in Berrylands where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Berrylands conveyancing firms. Can you confirm whether the owner of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
What advice can you give us when it comes to finding a Berrylands conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Berrylands conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Berrylands 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 helpful:
- How familiar is the practice with lease extension legislation?
- Can they put you in touch with client in Berrylands who can give a testimonial?
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Berrylands. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension matter before the tribunal for a Berrylands residence 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 related to 1 flat.
Berrylands Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
-
Are any of leasehold owners in arrears of their service charge liability?
Make sure you discover if there is anything that is prohibited in the lease. For instance it is reasonably common in Berrylands leases that pets are not permitted in in a block in Berrylands. If you love the flatin Berrylands but your cat is not allowed to make the move with you then you will be faced difficult decision.
Best to be warned if a new roof is being installed or some other significant cost is pending that will be shared amongst the leasehold owners and will dramatically impact the level of the service charges or necessitate a one time payment.