Examples of recent questions relating to leasehold conveyancing in Morden Park
Having had my offer accepted I require leasehold conveyancing in Morden Park. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Morden 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 meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Morden Park. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Morden Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Morden Park so you should seriously consider looking for a Morden Park conveyancing solicitor and be sure that they are used to advising 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 comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two maisonettes in Morden Park both have about fifty years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
We expect to complete the disposal of our £375000 apartment in Morden Park in just under a week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Morden Park?
Morden Park conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Morden Park. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Morden Park conveyancing firm who can help.
An example of a Lease Extension case for a Morden Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The the unexpired residue of the current lease was 60.43 years.
What makes a Morden Park lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Morden Park. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- 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 will 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. Birmingham Midshires, Skipton Building Society, and Platform Home Loans Ltd all have very detailed requirements 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, forcing the buyer to pull out.