Questions and Answers: Emerson Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Emerson Park. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Emerson Park - 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 own a leasehold flat in Emerson Park. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Emerson Park who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Emerson Park conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in Emerson Park. 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. 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).
I am a negotiator for a busy estate agency in Emerson Park where we have experienced a few leasehold sales put at risk as a result of short leases. I have received contradictory information from local Emerson Park conveyancing firms. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Do you have any advice for leasehold conveyancing in Emerson Park from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Emerson Park can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
- The majority landlords or Management Companies in Emerson Park charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Emerson Park.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Emerson Park. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Emerson Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Emerson Park residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the unexpired residue of the current lease was 57.5 years.