Common questions relating to Eastcote leasehold conveyancing
I am on look out for some leasehold conveyancing in Eastcote. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Eastcote - 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.
I’m about to sell my basement flat in Eastcote.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am attracted to a two maisonettes in Eastcote which have in the region of fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Eastcote is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, 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 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 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 Eastcote 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 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.
Can you offer any advice when it comes to appointing a Eastcote conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Eastcote conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Eastcote 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 firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Eastcote with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Eastcote can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Eastcote leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such changes. Where you dont have the approvals to hand do not contact the landlord without checking with your solicitor first.
I am the registered owner of a basement flat in Eastcote. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension case for a Eastcote premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case affected 1 flat. The the unexpired residue of the current lease was 53.26 years.