Chalfont St Giles leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Chalfont St Giles. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Chalfont St Giles - 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.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Chalfont St Giles. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Chalfont St Giles are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Chalfont St Giles so you should seriously consider looking for a Chalfont St Giles conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I own a leasehold flat in Chalfont St Giles. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Chalfont St Giles who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Chalfont St Giles conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a reputable estate agent office in Chalfont St Giles where we have witnessed a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Chalfont St Giles conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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. The benefit of this is 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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.
What advice can you give us when it comes to choosing a Chalfont St Giles conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Chalfont St Giles conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Chalfont St Giles conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- Can they put you in touch with client in Chalfont St Giles who can give a testimonial?
- What are the charges for lease extension work?
Leasehold Conveyancing in Chalfont St Giles - Sample of Queries Prior to buying
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On the whole the cost for major works are not included within service charges, albeit that there some managing agents in Chalfont St Giles require leasehold owners to pay into a reserve fund created for the specific intention of establishing a fund for larger works.
Is the freehold reversion owned jointly by the leaseholders?