Frequently asked questions relating to Homerton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Homerton. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Homerton - 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 have just started marketing my 2 bed flat in Homerton.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – what should I do?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Homerton. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Homerton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Homerton so you should seriously consider shopping around for a Homerton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I've recently bought a leasehold property in Homerton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to finding a Homerton conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Homerton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Homerton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I have given up seeking a lease extension in Homerton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Homerton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Homerton flat is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case related to 10 flats. The unexpired lease term was 71.25 years.