Top Five Questions relating to Becontree leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Becontree. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Becontree - 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 own a leasehold house in Becontree. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Becontree who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Becontree conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of flats in Becontree which have approximately 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Becontree. The lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
What are your top tips when it comes to finding a Becontree conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Becontree conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Becontree conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How many lease extensions have they completed in Becontree in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Becontree from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Becontree can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- A minority of Becontree leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Becontree. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Becontree conveyancing firm who can help.
An example of a Lease Extension case for a Becontree property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The the unexpired term as at the valuation date was 61.36 years.