Top Five Questions relating to Grahame Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Grahame Park. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Grahame 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.
Planning to exchange soon on a garden flat in Grahame Park. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Grahame Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold house in Grahame Park. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. 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 1996. The conveyancing solicitor in Grahame Park who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Grahame Park conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Grahame Park which have approximately fifty years left on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Grahame Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with under 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 property 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 a residence 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 Grahame Park 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Grahame Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
An example of a Freehold Enfranchisement case for a Grahame Park residence 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 affected 2 flats. The the number of years remaining on the existing lease(s) was 71.5 years.
What makes a Grahame Park lease unmortgageable?
Leasehold conveyancing in Grahame Park is not unique. All leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.