Harrow Weald leasehold conveyancing: Q and A’s
Planning to complete next month on a ground floor flat in Harrow Weald. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Harrow Weald should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
- Does the lease require carpeting throughout thus preventing wood flooring?
- Are you allowed to have a pet in the flat?
- You should have a good understanding of the insurance provisions
- Changes to the flat (alterations and additions)
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
Back In 2000, I bought a leasehold house in Harrow Weald. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Harrow Weald who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Harrow Weald conveyancing solicitor 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Harrow Weald both have in the region of forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Harrow Weald is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 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 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 premises 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 Harrow Weald conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 are your top tips when it comes to choosing a Harrow Weald conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Harrow Weald conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Harrow Weald conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
- If the firm is not ALEP accredited then what is the reason?
Completion in due on the disposal of our £ 425000 flat in Harrow Weald on Tuesday in a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Harrow Weald?
Harrow Weald conveyancing on leasehold flats usually results in fees being invoiced by freeholders :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Harrow Weald
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Harrow Weald conveyancing firm to act on my behalf?
You certainly can. We can put you in touch with a Harrow Weald conveyancing firm who can help.
An example of a Lease Extension decision for a Harrow Weald premises is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case related to 1 flat. The the unexpired residue of the current lease was 75.25 years.
Leasehold Conveyancing in Harrow Weald - Sample of Queries before Purchasing
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Best to be warned whether fixing the lift or some other significant cost is due in the near future to be shared amongst the tenants and could well materially increase the the service charges or require a specific payment.
Can you inform me if there are any major works in the planning that will likely add a premium to the service charges?