Gants Hill leasehold conveyancing Example Support Desk Enquiries
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Gants Hill. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Gants Hill are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Gants Hill in which case you should be shopping around for a Gants Hill conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am looking at a two apartments in Gants Hill which have in the region of fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Gants Hill is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat 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 property 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 Gants Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Can you offer any advice when it comes to appointing a Gants Hill conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Gants Hill conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Gants Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350000 maisonette in Gants Hill next Monday . The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Gants Hill?
Gants Hill conveyancing on leasehold apartments normally involves the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the registered owner of a first floor flat in Gants Hill. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Gants Hill conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Gants Hill premises is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The the unexpired residue of the current lease was 65 and 61.
What makes a Gants Hill lease defective?
Leasehold conveyancing in Gants Hill is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.