Belmont leasehold conveyancing Example Support Desk Enquiries
Due to complete next month on a studio apartment in Belmont. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Belmont should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my basement flat in Belmont.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – Do I pay up?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Belmont. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Belmont are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Belmont in which case you should be looking for a Belmont conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. 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 carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I am attracted to a two flats in Belmont which have approximately forty five years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
I work for a long established estate agency in Belmont where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Belmont conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 purchaser.
I am the proprietor of a ground-floor 1960’s flat in Belmont. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to assess the price payable.
An example of a Lease Extension decision for a Belmont flat 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 affected 1 flat. The the unexpired residue of the current lease was 70.92 years.