Sample questions relating to Hampstead leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Hampstead. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Hampstead are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Hampstead so you should seriously consider shopping around for a Hampstead conveyancing solicitor and be sure that they have experience in 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 for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
My wife and I purchased a leasehold house in Hampstead. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Hampstead who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Hampstead conveyancing lawyer to do this as it can be done on-line 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 looking at a two flats in Hampstead both have in the region of fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Hampstead. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to finding a Hampstead conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Hampstead 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 several firms including non Hampstead conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
I own a second floor flat in Hampstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Hampstead property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The the unexpired term as at the valuation date was 16.83 and 16.43.
What makes a Hampstead lease problematic?
Leasehold conveyancing in Hampstead is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. 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.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.