Examples of recent questions relating to leasehold conveyancing in Dollis Hill
I am hoping to complete next month on a studio apartment in Dollis Hill. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Dollis Hill should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Dollis Hill. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Dollis Hill ?
The majority of houses in Dollis Hill are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Dollis Hill in which case you should be shopping around for a Dollis Hill conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.
I am attracted to a couple of apartments in Dollis Hill which have approximately 50 years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Dollis Hill is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and lenders, leases with less than eighty 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 property 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 Dollis Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Do you have any top tips for leasehold conveyancing in Dollis Hill with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Dollis Hill can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Dollis Hill leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such works. If you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Dollis Hill. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension case for a Dollis Hill flat is 12 Deacon Road in November 2012. the premium to be paid for the grant of the new lease was the sum of £31 ,635.00 (Thirty-One thousand and six hundred and thirty-five Pounds). The matter was then returned to the Willesden County Court for the completion of the grant of the new lease in substitution for the existing lease on payment into court the sum of £31,635.00 less the sum of £2,890.20 assessed costs incurred by the leaseholder. Thus the net sum of £28,744.80 was to be paid into court. This case was in relation to 1 flat. The unexpired lease term was 61.98 years.
When it comes to leasehold conveyancing in Dollis Hill what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Dollis Hill. All leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.