Sample questions relating to Colliers Wood leasehold conveyancing
Looking forward to sign contracts shortly on a basement flat in Colliers Wood. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Colliers Wood should include some of the following:
- Whether the lease restricts you from subletting the property, or having a home office for business
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Colliers Wood. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Colliers Wood ?
Most houses in Colliers Wood are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Colliers Wood in which case you should be looking for a Colliers Wood conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of apartments in Colliers Wood which have approximately fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Colliers Wood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Colliers Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to finding a Colliers Wood conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Colliers Wood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Colliers Wood conveyancing practices prior to 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 why not?
Can you provide any advice for leasehold conveyancing in Colliers Wood from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Colliers Wood can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Colliers Wood charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Colliers Wood.
I am the proprietor of a garden flat in Colliers Wood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Absolutely. We can put you in touch with a Colliers Wood conveyancing firm who can help.
An example of a Lease Extension case for a Colliers Wood property 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 the unexpired residue of the current lease was 62.94 years.