Recently asked questions relating to Anerley leasehold conveyancing
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Anerley. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Anerley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Anerley in which case you should be looking for a Anerley conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
Back In 2008, I bought a leasehold house in Anerley. Conveyancing and Accord Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Anerley who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Anerley conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Anerley both have approximately 50 years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Anerley is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive 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 Anerley 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Do you have any top tips for leasehold conveyancing in Anerley from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Anerley can be reduced where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers representatives.
- The majority freeholders or Management Companies in Anerley levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Anerley.
I am the registered owner of a ground-floor 1960’s flat in Anerley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension case for a Anerley residence is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The the unexpired residue of the current lease was 26.38 years.
Are there common deficiencies that you come across in leases for Anerley properties?
There is nothing unique about leasehold conveyancing in Anerley. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that 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
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Platform Home Loans Ltd all have express requirements 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, obliging the purchaser to pull out.