Sample questions relating to Colliers Wood leasehold conveyancing
I am in need of some leasehold conveyancing in Colliers Wood. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Colliers Wood - 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 complete next month on a ground floor flat in Colliers Wood. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Colliers Wood should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Last month I purchased a leasehold house in Colliers Wood. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a busy estate agent office in Colliers Wood where we see a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Colliers Wood conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
What are your top tips when it comes to choosing a Colliers Wood conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Colliers Wood conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Colliers Wood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Colliers Wood conveyancing firm to assist?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the sum to be paid.
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 affected 1 flat. The unexpired lease term was 62.94 years.
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