Sample questions relating to Honor Oak leasehold conveyancing
Expecting to sign contracts shortly on a studio apartment in Honor Oak. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Honor Oak should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Honor Oak. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Honor Oak are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Honor Oak in which case you should be looking for a Honor Oak conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am attracted to a two flats in Honor Oak which have about fifty years remaining on the lease term. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Honor Oak. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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 ensure 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 appointing a Honor Oak conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Honor Oak conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Honor Oak conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
I am the proprietor of a first flat in Honor Oak. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Honor Oak conveyancing firm who can help.
An example of a Lease Extension case for a Honor Oak residence is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 61.81 years.