Belmont leasehold conveyancing: Q and A’s
Expecting to complete next month on a ground floor flat in Belmont. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Belmont should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Back In 2001, I bought a leasehold flat in Belmont. Conveyancing and Godiva Mortgages Ltd mortgage are in place. 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 1996. The conveyancing solicitor in Belmont who previously acted has now retired.Any advice?
The first thing you should do is 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 incur the fees of a Belmont conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two flats in Belmont both have about fifty years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Belmont is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Belmont 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 advice for leasehold conveyancing in Belmont from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Belmont can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Belmont leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents in place you should not communicate with the landlord without checking with your solicitor first.
Completion in due on the disposal of our £275000 flat in Belmont next Friday . The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Belmont?
Belmont conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has no option but to pay whatever is demanded if you want to sell the property.
Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Belmont. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the amount due.
An example of a Lease Extension decision for a Belmont premises is 197 Byron Road in March 2013. In relation to the value of the extended lease the tribunal concluded that the appropriate premium should be £19237 This case related to 1 flat. The the unexpired residue of the current lease was 70.92 years.