Sample questions relating to Motspur Park leasehold conveyancing
Due to exchange soon on a garden flat in Motspur Park. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Motspur Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Motspur Park. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Motspur Park are freehold and not 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 purchasing in Motspur Park so you should seriously consider shopping around for a Motspur Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being 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 landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am attracted to a two apartments in Motspur Park both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Motspur Park. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why 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 as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Motspur Park conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Motspur Park conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Motspur Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
Despite our best efforts, we have been unsuccessful in negotiating a lease extension in Motspur Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Motspur Park conveyancing firm who can help.
An example of a Lease Extension decision for a Motspur Park premises 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 was in relation to 1 flat. The the unexpired residue of the current lease was 60.43 years.
What makes a Motspur Park lease defective?
There is nothing unique about leasehold conveyancing in Motspur Park. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.