Merton Park leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Merton Park. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Merton Park - 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 am hoping to complete next month on a leasehold property in Merton Park. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Merton Park should include some of the following:
- Setting out your rights in respect of the communal areas in the building.E.G., does the lease permit a right of way over an accessway or hallways?
I am looking at a two maisonettes in Merton Park which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Merton Park. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
I work for a reputable estate agency in Merton Park where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Merton Park conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities 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 buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
What advice can you give us when it comes to choosing a Merton Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Merton Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Merton Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions has the firm completed in Merton Park in the last 12 months?
I am the proprietor of a basement flat in Merton Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Merton Park flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 62.94 years.