Sample questions relating to Herne Hill leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Herne Hill. Before I get started I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Herne Hill - 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Herne Hill. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Herne Hill are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Herne Hill so you should seriously consider looking for a Herne Hill conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Herne Hill which have approximately fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Herne Hill. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why 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 reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
I am a negotiator for a busy estate agent office in Herne Hill where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Herne Hill conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Herne Hill conveyancing firm to represent me?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Herne Hill flat is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case affected 3 flats. The the unexpired residue of the current lease was 72.58 years.
What are the frequently found problems that you witness in leases for Herne Hill properties?
Leasehold conveyancing in Herne Hill is not unique. Most leases are individual and drafting errors can result in certain clauses are wrong. 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 have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Clydesdale 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 grant the mortgage, forcing the buyer to pull out.
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