Top Five Questions relating to Hook leasehold conveyancing
Planning to complete next month on a ground floor flat in Hook. Conveyancing lawyers assured me 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 Hook should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Hook. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hook ?
The majority of houses in Hook are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Hook so you should seriously consider looking for a Hook conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
My wife and I purchased a leasehold house in Hook. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Hook who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Hook conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Hook both have about fifty years unexpired on the leases. should I be concerned?
There are plenty of short leases in Hook. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
What advice can you give us when it comes to finding a Hook conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Hook conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Hook conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
I am the proprietor of a two-bedroom flat in Hook. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension decision for a Hook residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.