Common questions relating to Barnes Cray leasehold conveyancing
I am on look out for some leasehold conveyancing in Barnes Cray. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Barnes Cray - then the leasehold title will always include the short particulars 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 put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Barnes Cray. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Barnes Cray are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Barnes Cray so you should seriously consider looking for a Barnes Cray conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
Back In 2000, I bought a leasehold flat in Barnes Cray. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Barnes Cray who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Barnes Cray conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any top tips for leasehold conveyancing in Barnes Cray from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Barnes Cray can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
- The majority landlords or Management Companies in Barnes Cray charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Barnes Cray.
I own a garden flat in Barnes Cray. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Most definitely. We are happy to put you in touch with a Barnes Cray conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Barnes Cray flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The remaining number of years on the lease was 76 years.
What makes a Barnes Cray lease problematic?
There is nothing unique about leasehold conveyancing in Barnes Cray. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- 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
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.