Common questions relating to Gidea Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Gidea Park. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Gidea 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Gidea Park. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Gidea Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Gidea Park so you should seriously consider looking for a Gidea Park conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
Back In 2007, I bought a leasehold house in Gidea Park. Conveyancing and TSB mortgage organised. A letter has just been received 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 1991. The conveyancing solicitor in Gidea Park who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Gidea Park conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. 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.
What advice can you give us when it comes to appointing a Gidea Park conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Gidea Park conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Gidea Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Gidea Park with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Gidea Park can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- Many freeholders or Management Companies in Gidea Park charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Gidea Park.
We have reached the end of our tether in seeking a lease extension in Gidea Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension decision for a Gidea 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 affected 1 flat. The the unexpired residue of the current lease was 57.5 years.
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