Examples of recent questions relating to leasehold conveyancing in Cranford
Due to sign contracts shortly on a leasehold property in Cranford. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Cranford should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I own a leasehold house in Cranford. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Cranford who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Cranford conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Cranford which have about forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Cranford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Cranford 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 the agreed 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.
Can you offer any advice when it comes to appointing a Cranford conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Cranford conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Cranford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Cranford with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cranford can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- The majority freeholders or Management Companies in Cranford charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Cranford.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Cranford. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Cranford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Cranford premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired lease term was 69 years.