Elmers End leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Elmers End. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Elmers End - then the leasehold title will always include the short particulars 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 looking at a two apartments in Elmers End which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Elmers End. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold flat in Elmers End. Do I have any liability for service charges for periods before completion of my purchase?
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 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).
What advice can you give us when it comes to finding a Elmers End conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Elmers End conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Elmers End conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- Can they put you in touch with client in Elmers End who can give a testimonial?
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Elmers End. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Elmers End conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Elmers End premises is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The unexpired lease term was 26.38 years.
What makes a Elmers End lease unmortgageable?
Leasehold conveyancing in Elmers End is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Mortgage Works, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.