Sample questions relating to Merton Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Merton Park. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Merton Park - 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.
Expecting to complete next month on a basement flat in Merton Park. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Merton Park should include some of the following:
- You should be sent a copy of the lease
Back In 2003, I bought a leasehold flat in Merton Park. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Merton Park who previously acted has now retired.What should I do?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Merton Park conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a busy estate agency in Merton Park where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Merton Park conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. 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 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.
Can you provide any advice for leasehold conveyancing in Merton Park from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Merton Park can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
- Many freeholders or Management Companies in Merton Park levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Merton Park.
I inherited a first floor flat in Merton Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension decision for a Merton Park premises 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 affected 1 flat. The remaining number of years on the lease was 62.94 years.