Recently asked questions relating to De Beauvoir Town leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years left on my lease in De Beauvoir Town. I now wish to get lease extension but my freeholder is missing. What options are available to me?
On the basis that 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 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 magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the freeholder. In some cases a specialist should be useful to conduct investigations and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing De Beauvoir Town.
I am looking at a two apartments in De Beauvoir Town both have about forty five years remaining 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 property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise 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 properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I am employed by a long established estate agent office in De Beauvoir Town where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local De Beauvoir Town conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 purchaser.
What are your top tips when it comes to appointing a De Beauvoir Town conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a De Beauvoir Town conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non De Beauvoir Town conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
My wife and I have hit a brick wall in trying to purchase the freehold in De Beauvoir Town. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a De Beauvoir Town conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a De Beauvoir Town property is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The the unexpired residue of the current lease was 80.5 years.
In relation to leasehold conveyancing in De Beauvoir Town what are the most common lease problems?
There is nothing unique about leasehold conveyancing in De Beauvoir Town. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
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