Frequently asked questions relating to Harold Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Harold Park. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Harold Park - 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've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Harold Park. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Harold Park ?
The majority of houses in Harold Park are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Harold Park so you should seriously consider shopping around for a Harold Park conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission 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 located on an estate. Your conveyancer will appraise you on the various issues.
Back In 2007, I bought a leasehold house in Harold Park. Conveyancing and Aldermore mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Harold Park 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 indeed the new freeholder. It is not necessary to instruct a Harold Park conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, 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 couple of flats in Harold Park both have about forty five years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Harold Park. The lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Harold Park. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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).
I am the registered owner of a garden flat in Harold Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Harold Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Harold Park premises 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 unexpired term was 57.5 years.
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