Common questions relating to Bounds Green leasehold conveyancing
I am in need of some leasehold conveyancing in Bounds Green. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Bounds Green - 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.
Expecting to exchange soon on a leasehold property in Bounds Green. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bounds Green should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I have just started marketing my 2 bed flat in Bounds Green.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a two flats in Bounds Green which have about fifty years unexpired on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Bounds Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Bounds Green conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Bounds Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- What volume of lease extensions has the firm conducted in Bounds Green in the last year?
I am the proprietor of a second floor flat in Bounds Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Bounds Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The the unexpired residue of the current lease was 81.79 years.