Common questions relating to Gallows Corner leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Gallows Corner. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Gallows Corner - 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 have just started marketing my garden flat in Gallows Corner.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great figure 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 leasehold house in Gallows Corner. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Gallows Corner ?
Most houses in Gallows Corner are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Gallows Corner in which case you should be shopping around for a Gallows Corner conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
Back In 2004, I bought a leasehold flat in Gallows Corner. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Gallows Corner who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Gallows Corner conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a long established estate agent office in Gallows Corner where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Gallows Corner conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
Having spent months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Gallows Corner. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Gallows Corner 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 was in relation to 1 flat. The unexpired lease term was 57.5 years.