Greenford leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Greenford. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Greenford - 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 sign contracts shortly on a leasehold property in Greenford. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Greenford should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Back In 2006, I bought a leasehold flat in Greenford. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Greenford who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Greenford conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Greenford both have approximately forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Greenford. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I am the leaseholder of a two-bedroom flat in Greenford. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to calculate the premium.
An example of a lease Extension decision for a Greenford flat is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case related to 1 flat. The the unexpired residue of the current lease was 58.19 years.
What makes a Greenford lease problematic?
Leasehold conveyancing in Greenford is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.