Frequently asked questions relating to Bayswater leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bayswater. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Bayswater - 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 put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bayswater. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Bayswater are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Bayswater in which case you should be shopping around for a Bayswater conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I own a leasehold house in Bayswater. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Bayswater who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Bayswater conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note 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 a negotiator for a busy estate agency in Bayswater where we see a few flat sales put at risk as a result of short leases. I have received contradictory information from local Bayswater conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Bayswater conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a Bayswater conveyancing firm who can help.
An example of a Lease Extension case for a Bayswater premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The the unexpired term as at the valuation date was 37.79 years.
When it comes to leasehold conveyancing in Bayswater what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Bayswater. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- 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. National Westminster Bank, Barnsley Building Society, and Platform Home Loans 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 grant the mortgage, obliging the buyer to withdraw.