Questions and Answers: Coney Hall leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Coney Hall. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Coney Hall - 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.
Planning to sign contracts shortly on a ground floor flat in Coney Hall. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Coney Hall should include some of the following:
- The total extent of the demise. This will be the flat itself but could also incorporate a loft or cellar if applicable.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great 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 particular concerns purchasing a house with a leasehold title in Coney Hall. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Coney Hall 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 clear that you are purchasing in Coney Hall so you should seriously consider shopping around for a Coney Hall conveyancing solicitor and check that they are used to transacting 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 with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I am looking at a two apartments in Coney Hall both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Coney Hall. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Coney Hall conveyancing firm who can help.
An example of a Lease Extension case for a Coney Hall property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 50.57 years.
Are there common problems that you encounter in leases for Coney Hall properties?
There is nothing unique about leasehold conveyancing in Coney Hall. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.