Frequently asked questions relating to Earlsfield leasehold conveyancing
Due to sign contracts shortly on a studio apartment in Earlsfield. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Earlsfield should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Earlsfield. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Earlsfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Earlsfield in which case you should be shopping around for a Earlsfield conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold house in Earlsfield. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Earlsfield who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Earlsfield conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Earlsfield both have approximately 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Earlsfield. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Earlsfield with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Earlsfield can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- Many freeholders or managing agents in Earlsfield levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Earlsfield.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Earlsfield. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Earlsfield conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Earlsfield flat is 35 Trewint Street in February 2012. The Tribunal arrived at a premium of £32 425 for the freehold reversion. The matter was transferred back to the court for further consideration which required the applicants pay the premium (less any assessed costs) into court after which the court would execute a transfer of the freehold. This case related to 2 flats. The unexpired term was 70.57 years.