Top Five Questions relating to Colliers Wood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Colliers Wood. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Colliers Wood - 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.
Helen (my wife) and I may need to sub-let our Colliers Wood basement flat for a while due to a new job. We instructed a Colliers Wood conveyancing firm in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Colliers Wood conveyancing solicitor is no longer around you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain consent via your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably turned down. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
Back In 2009, I bought a leasehold flat in Colliers Wood. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter 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 practitioner in Colliers Wood who acted for me is not around.Do I pay?
First contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Colliers Wood conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in Colliers Wood which have approximately fifty years unexpired on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
If all goes to plan we aim to complete our sale of a £200000 maisonette in Colliers Wood in seven days. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Colliers Wood?
Colliers Wood conveyancing on leasehold flats normally requires the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to complete the sale of your home.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Colliers Wood. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Colliers Wood premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The the unexpired term as at the valuation date was 62.94 years.