Common questions relating to Gerrards Cross leasehold conveyancing
Due to sign contracts shortly on a garden flat in Gerrards Cross. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Gerrards Cross should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
My wife and I purchased a leasehold flat in Gerrards Cross. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Gerrards Cross who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Gerrards Cross conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Gerrards Cross both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Gerrards Cross. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders 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 solicitor and surveyor with experience in this area
Can you provide any top tips for leasehold conveyancing in Gerrards Cross with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Gerrards Cross can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Gerrards Cross state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you fail to have the consents to hand do not communicate with the landlord without checking with your conveyancer in advance.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Gerrards Cross. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension case for a Gerrards Cross residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The remaining number of years on the lease was 71 years.
What are the frequently found defects that you witness in leases for Gerrards Cross properties?
Leasehold conveyancing in Gerrards Cross is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Mortgage Works, and Nottingham Building Society all have express requirements 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 pull out.