Hampstead leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Hampstead. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Hampstead - 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 exchange soon on a garden flat in Hampstead. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Hampstead should include some of the following:
- You should receive a copy of the lease
I've found 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 discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hampstead. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Hampstead are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Hampstead in which case you should be shopping around for a Hampstead conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. 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 obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.
Can you offer any advice when it comes to finding a Hampstead conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Hampstead conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Hampstead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- What volume of lease extensions has the firm conducted in Hampstead in the last year?
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Hampstead conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Hampstead conveyancing firm who can help.
An example of a Lease Extension case 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 remaining number of years on the lease was 16.83 and 16.43.
What makes a Hampstead lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Hampstead. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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 will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Clydesdale 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 is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.