Merton Park leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Merton Park. Before diving in I want to be sure as to the remaining lease term.
Assuming 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 today plan to offer on a house that appears to tick a lot of boxes, 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 would have thought that there are particular concerns buying a leasehold house in Merton Park. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Merton Park ?
The majority of houses in Merton Park are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Merton Park so you should seriously consider looking for a Merton Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Back In 2009, I bought a leasehold house in Merton Park. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Merton Park who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Merton Park conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Merton Park both have approximately 50 years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Merton Park. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Merton Park with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Merton Park can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- Some Merton Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Merton Park conveyancing firm to act on my behalf?
You certainly can. We can put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension decision 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 related to 1 flat. The the unexpired residue of the current lease was 62.94 years.