Hampton Hill leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Hampton Hill. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Hampton Hill - 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 own a leasehold flat in Hampton Hill. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Hampton Hill who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Hampton Hill conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Hampton Hill which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Hampton Hill is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with less than eighty 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 premises 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 property 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 Hampton Hill 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 any new 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.
Last month I purchased a leasehold house in Hampton Hill. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the leaseholder of a basement flat in Hampton Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Most definitely. We are happy to put you in touch with a Hampton Hill conveyancing firm who can help.
An example of a Lease Extension case for a Hampton Hill flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.
What makes a Hampton Hill lease defective?
There is nothing unique about leasehold conveyancing in Hampton Hill. Most leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Bank of Ireland 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 grant the mortgage, forcing the buyer to withdraw.