Addiscombe leasehold conveyancing Example Support Desk Enquiries
Estate agents have just been given the go-ahead to market my ground floor flat in Addiscombe.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – Do I pay up?
The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Addiscombe. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Addiscombe ?
The majority of houses in Addiscombe 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 purchasing in Addiscombe so you should seriously consider shopping around for a Addiscombe conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as 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 part of an estate. Your conveyancer will appraise you on the various issues.
I am looking at a couple of apartments in Addiscombe both have about 50 years remaining on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more expensive 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 may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Addiscombe from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Addiscombe can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Addiscombe leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such works. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor first.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Addiscombe. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Addiscombe conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Addiscombe residence is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The the number of years remaining on the existing lease(s) was 98 years.
What makes a Addiscombe lease unmortgageable?
Leasehold conveyancing in Addiscombe is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.