Herne Hill leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Herne Hill. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Herne Hill - then the leasehold title will always include the basic details 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.
Looking forward to exchange soon on a leasehold property in Herne Hill. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Herne Hill should include some of the following:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a two maisonettes in Herne Hill which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Herne Hill is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Herne Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 advice can you give us when it comes to choosing a Herne Hill conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Herne Hill conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Herne Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions have they carried out in Herne Hill in the last year?
Do you have any top tips for leasehold conveyancing in Herne Hill from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Herne Hill can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
- Many landlords or managing agents in Herne Hill levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Herne Hill.
I am the registered owner of a second floor flat in Herne Hill. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Freehold Enfranchisement case 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 related to 3 flats. The the number of years remaining on the existing lease(s) was 72.58 years.