Top Five Questions relating to Edgware leasehold conveyancing
I am in need of some leasehold conveyancing in Edgware. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Edgware - 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 am hoping to sign contracts shortly on a ground floor flat in Edgware. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Edgware should include some of the following:
- The physical extent of the premises. This will be the apartment itself but may incorporate a roof space or basement if applicable.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Edgware. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Edgware ?
The majority of houses in Edgware are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Edgware so you should seriously consider shopping around for a Edgware conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold property in Edgware. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any advice for leasehold conveyancing in Edgware from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Edgware can be bypassed where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority freeholders or Management Companies in Edgware charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Edgware.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Edgware conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Edgware conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Edgware property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired lease term was 71.73 years.