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Questions and Answers: Hook leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Hook. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Hook - 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've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hook. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Hook 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 Hook in which case you should be looking for a Hook conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.

My wife and I purchased a leasehold flat in Hook. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Hook who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Hook conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Hook both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Hook is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any top tips for leasehold conveyancing in Hook with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Hook can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
  • The majority landlords or managing agents in Hook levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hook.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Hook state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the approvals in place you should not communicate with the landlord without checking with your solicitor in advance.
  • A minority of Hook leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a garden flat in Hook. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

    Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the sum to be paid.

    An example of a Lease Extension case for a Hook property 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 was in relation to 1 flat.

    Other Topics

    Lease Extensions in Hook