Frequently asked questions relating to Chipping Barnet leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Chipping Barnet. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Chipping Barnet - then the leasehold title will always include the basic details 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.
Planning to complete next month on a garden flat in Chipping Barnet. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Chipping Barnet should include some of the following:
- Defining your legal entitlements in respect of the communal areas in the building.By way of example, does the lease include a right of way over a path or hallways?
I have just appointed agents to market my 2 bed flat in Chipping Barnet.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two maisonettes in Chipping Barnet both have approximately forty five years left on the leases. Do I need to be concerned?
There are plenty of short leases in Chipping Barnet. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
I work for a busy estate agent office in Chipping Barnet where we see a few flat sales put at risk due to short leases. I have received conflicting advice from local Chipping Barnet conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I have had difficulty in seeking a lease extension in Chipping Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Chipping Barnet conveyancing firm who can help.
An example of a Lease Extension case for a Chipping Barnet flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired lease term was 76 years.
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