Common questions relating to Morden Park leasehold conveyancing
I am in need of some leasehold conveyancing in Morden Park. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all 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 am hoping to complete next month on a basement flat in Morden Park. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Morden Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold house in Morden Park. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Morden Park who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Morden Park conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Morden Park both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Morden Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Morden Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a long established estate agency in Morden Park where we have experienced a number of leasehold sales derailed due to short leases. I have received contradictory information from local Morden Park conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Morden Park conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Morden Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The remaining number of years on the lease was 60.43 years.