Frequently asked questions relating to Highams Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Highams Park. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Highams Park - 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.
Due to complete next month on a leasehold property in Highams Park. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
Your 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, landlord
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Highams Park. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Highams Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Highams Park so you should seriously consider shopping around for a Highams Park conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am employed by a long established estate agency in Highams Park where we have experienced a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Highams Park conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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.
We expect to complete the disposal of our £300000 maisonette in Highams Park on Tuesday in a week. The freeholder has quoted £312 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 Highams Park?
Highams Park conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Highams Park. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. 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 affected 2 flats. The the number of years remaining on the existing lease(s) was 104 years.