Top Five Questions relating to Childs Hill leasehold conveyancing
I am on look out for some leasehold conveyancing in Childs Hill. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Childs Hill - then the leasehold title will always include the basic details 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Childs Hill. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Childs Hill ?
Most houses in Childs Hill are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Childs Hill so you should seriously consider shopping around for a Childs Hill conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I am looking at a two apartments in Childs Hill which have about 50 years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
What are your top tips when it comes to appointing a Childs Hill conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Childs Hill conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Childs Hill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Completion in due on the sale of our £400000 flat in Childs Hill on Tuesday in a week. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Childs Hill?
Childs Hill conveyancing on leasehold flats often involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded 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. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.
We have reached the end of our tether in trying to purchase the freehold in Childs Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension decision for a Childs Hill flat is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case was in relation to 1 flat.