Common questions relating to Little Ilford leasehold conveyancing
I am in need of some leasehold conveyancing in Little Ilford. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Little Ilford - 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 put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Little Ilford. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Little Ilford ?
The majority of houses in Little Ilford are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Little Ilford so you should seriously consider shopping around for a Little Ilford conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I own a leasehold house in Little Ilford. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Little Ilford who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Little Ilford conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agency in Little Ilford where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Little Ilford conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the proprietor of a second floor flat in Little Ilford. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Little Ilford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Little Ilford flat is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case was in relation to 5 flats. The the number of years remaining on the existing lease(s) was 73.8 years.
In relation to leasehold conveyancing in Little Ilford what are the most common lease defects?
Leasehold conveyancing in Little Ilford is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.