Common questions relating to Loxford leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Loxford. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Loxford ?
Most houses in Loxford are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Loxford in which case you should be shopping around for a Loxford conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
Back In 2001, I bought a leasehold house in Loxford. Conveyancing and Leeds Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Loxford who previously acted has now retired.Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Loxford conveyancing lawyer 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 a negotiator for a reputable estate agent office in Loxford where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Loxford conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner 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. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
What advice can you give us when it comes to finding a Loxford conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Loxford conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Loxford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Having spent months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Loxford. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Loxford premises 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 unexpired term as at the valuation date was 73.8 years.
In relation to leasehold conveyancing in Loxford what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Loxford. All leases is drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.