Sample questions relating to Crossness leasehold conveyancing
Looking forward to sign contracts shortly on a studio apartment in Crossness. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Crossness should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed 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 Crossness. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Crossness are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Crossness so you should seriously consider looking for a Crossness conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I am looking at a couple of flats in Crossness both have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Crossness is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. 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 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 premises 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 Crossness 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I've recently bought a leasehold house in Crossness. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 ensure 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).
Completion in due on the sale of our £150000 apartment in Crossness on Tuesday in a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Crossness?
Crossness conveyancing on leasehold apartments usually necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is demanded if you want to complete the sale of your home.
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Crossness. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Crossness flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired lease term was 76 years.