Grahame Park leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Grahame Park. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Grahame Park - 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Grahame Park. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Grahame Park ?
The majority of houses in Grahame Park are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Grahame Park so you should seriously consider shopping around for a Grahame Park 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 tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold house in Grahame Park. Conveyancing and TSB mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Grahame Park who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Grahame 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 landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any advice for leasehold conveyancing in Grahame Park from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Grahame Park can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Grahame Park charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Grahame Park.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Grahame Park conveyancing firm to act on my behalf?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Grahame Park property is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case related to 2 flats. The the unexpired term as at the valuation date was 71.5 years.
In relation to leasehold conveyancing in Grahame Park what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Grahame Park. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Coventry Building Society, and Nottingham Building Society all have very detailed 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 provide security, obliging the purchaser to withdraw.