Common questions relating to Fortis Green leasehold conveyancing
Looking forward to exchange soon on a garden flat in Fortis Green. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fortis Green should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Fortis Green. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Fortis Green ?
Most houses in Fortis Green are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Fortis Green so you should seriously consider shopping around for a Fortis Green conveyancing solicitor and check that they are used to 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 entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
My wife and I purchased a leasehold house in Fortis Green. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Fortis Green who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Fortis Green conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Fortis Green both have approximately 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Fortis Green is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Fortis Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
We expect to complete our sale of a £300000 maisonette in Fortis Green next week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Fortis Green?
Fortis Green conveyancing on leasehold apartments typically necessitates fees being raised by landlords agents :
- Completing pre-exchange questions
- Where consent is required before sale in Fortis Green
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a first floor flat in Fortis Green. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Most certainly. We can put you in touch with a Fortis Green conveyancing firm who can help.
An example of a Lease Extension decision for a Fortis Green premises is 21 St Matthews Court Coppetts Road in February 2013. the applicant applied to the Tribunal for a determination of the premium payable for a lease extension pursuant to Section 48 of the Leasehold Reform (Housing and Urban Development ) Act 1993. The tribunal therefore ordered that the premium was to be £13,267. This case affected 1 flat. The unexpired lease term was 68 years.