Frequently asked questions relating to Hampton Wick leasehold conveyancing
I am on look out for some leasehold conveyancing in Hampton Wick. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Hampton Wick - 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 have just started marketing my garden apartment in Hampton Wick.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am attracted to a two flats in Hampton Wick both have approximately forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Hampton Wick is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 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 Wick 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
What advice can you give us when it comes to appointing a Hampton Wick conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Hampton Wick conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Hampton Wick conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
We have reached the end of our tether in trying to purchase the freehold in Hampton Wick. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension decision for a Hampton Wick flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
Are there common problems that you witness in leases for Hampton Wick properties?
Leasehold conveyancing in Hampton Wick is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.