Common questions relating to Bounds Green leasehold conveyancing
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Bounds Green. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bounds Green ?
The majority of houses in Bounds Green 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 Bounds Green so you should seriously consider shopping around for a Bounds Green conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I own a leasehold house in Bounds Green. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Bounds Green who previously acted has now retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Bounds Green conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What advice can you give us when it comes to choosing a Bounds Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (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 advise that you speak with two or three firms including non Bounds Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
Completion in due on the disposal of our £200000 flat in Bounds Green next week. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bounds Green?
Bounds Green conveyancing on leasehold maisonettes usually requires the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be willing to do so. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Bounds Green conveyancing firm to act on my behalf?
You certainly can. We are happy to put you in touch with a Bounds Green conveyancing firm who can help.
An example of a Lease Extension decision for a Bounds Green residence 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 term as at the valuation date was 81.79 years.
What makes a Bounds Green lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Bounds Green. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and TSB all have express 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 defective they may refuse to grant the mortgage, obliging the buyer to pull out.