Merton Park leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Merton Park. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most 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 put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. 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 house with a leasehold title in Merton Park. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Merton Park ?
The majority of houses in Merton Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Merton Park in which case you should be looking for a Merton Park conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Do you have any advice for leasehold conveyancing in Merton Park from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Merton Park can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Merton Park levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Merton Park.
If all goes to plan we aim to complete our sale of a £250000 maisonette in Merton Park on Tuesday in a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Merton Park?
Merton Park conveyancing on leasehold maisonettes ordinarily results in administration charges raised by management companies :
- Completing pre-exchange questions
- Where consent is required before sale in Merton Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Merton Park conveyancing firm to assist?
Most definitely. We can put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension case for a Merton Park property 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 unexpired lease term was 62.94 years.
What makes a Merton Park lease defective?
There is nothing unique about leasehold conveyancing in Merton Park. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Aldermore all have express 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 defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.