Lampton leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Lampton. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Lampton - 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.
I am hoping to exchange soon on a garden flat in Lampton. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lampton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my 2 bed flat in Lampton.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Lampton. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Lampton who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Lampton conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Lampton both have approximately forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Lampton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and mortgage companies, 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 a residence 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 Lampton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Lampton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Lampton conveyancing firm who can help.
An example of a Lease Extension case for a Lampton premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired lease term was 60.45 years.