Mill Hill leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Mill Hill. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Mill Hill - 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.
Looking forward to sign contracts shortly on a garden flat in Mill Hill. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Mill Hill should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my garden flat in Mill Hill.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a two apartments in Mill Hill both have approximately fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Mill Hill. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I have given up trying to purchase the freehold in Mill Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Mill Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Mill Hill residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The the unexpired residue of the current lease was 71.73 years.
What are the common problems that you come across in leases for Mill Hill properties?
There is nothing unique about leasehold conveyancing in Mill Hill. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.