Top Five Questions relating to Highams Park leasehold conveyancing
I am hoping to complete next month on a studio apartment in Highams Park. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Highams Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
My wife and I purchased a leasehold house in Highams Park. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Highams Park who previously acted has now retired.Do I pay?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Highams Park conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Highams Park both have approximately fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Highams Park. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in Highams Park from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Highams Park can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers lawyers.
- The majority landlords or managing agents in Highams Park levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Highams Park.
We expect to complete our sale of a £225000 flat in Highams Park in just under a week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Highams Park?
Highams Park conveyancing on leasehold apartments normally involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Highams Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Highams Park conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Highams Park premises is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case related to 2 flats. The unexpired lease term was 104 years.