Common questions relating to Harold Hill leasehold conveyancing
Due to exchange soon on a studio apartment in Harold Hill. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Harold Hill should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
I own a leasehold house in Harold Hill. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Harold Hill who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Harold 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 attracted to a two flats in Harold Hill which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
I've recently bought a leasehold property in Harold Hill. Am I liable to pay service charges for periods before my ownership?
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. A critical element 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).
What advice can you give us when it comes to appointing a Harold Hill conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Harold Hill conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Harold Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
I have had difficulty in seeking a lease extension in Harold Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Harold Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Harold Hill property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the unexpired term as at the valuation date was 57.5 years.