I am in need of some leasehold conveyancing in Godstone. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Godstone - 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.

I am hoping to exchange soon on a leasehold property in Godstone. Conveyancing solicitors 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 Godstone should include some of the following:

• Defining your legal entitlements in relation to the communal areas in the block.For example, does the lease include a right of way over an accessway or hallways?

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Godstone. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Godstone are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Godstone in which case you should be looking for a Godstone conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.

My wife and I purchased a leasehold flat in Godstone. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Godstone who acted for me is not around.Do I pay?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Godstone conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note 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 Godstone which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Godstone is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Godstone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am the registered owner of a ground-floor 1950’s flat in Godstone. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?

in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the amount due.

An example of a Freehold Enfranchisement decision for a Godstone residence is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The the unexpired term as at the valuation date was 75 years.

Other Topics

Lease Extensions in Godstone