Sample questions relating to Hampton Wick leasehold conveyancing
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hampton Wick. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hampton Wick ?
The majority of houses in Hampton Wick are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Hampton Wick so you should seriously consider shopping around for a Hampton Wick conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
Back In 2003, I bought a leasehold house in Hampton Wick. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Hampton Wick who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Hampton Wick conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Hampton Wick both have approximately forty five years left on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
All being well we will complete the sale of our £425000 maisonette in Hampton Wick in 8 days. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Hampton Wick?
Hampton Wick conveyancing on leasehold flats ordinarily involves administration charges raised by freeholders :
- Completing pre-exchange questions
- Where consent is required before sale in Hampton Wick
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hampton Wick. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension case 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 related to 1 flat.
What makes a Hampton Wick lease unmortgageable?
There is nothing unique about leasehold conveyancing in Hampton Wick. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Royal Bank of Scotland, and Alliance & Leicester 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, obliging the purchaser to pull out.
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