Frequently asked questions relating to Motspur Park leasehold conveyancing
I am in need of some leasehold conveyancing in Motspur Park. Before I get started I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Motspur Park - 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.
Expecting to sign contracts shortly on a basement flat in Motspur Park. Conveyancing lawyers assured me that they report fully on Monday. 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:
- You should be sent a copy of the lease
I am looking at a two maisonettes in Motspur Park both have approximately fifty years left on the leases. 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 property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases 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 difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold house in Motspur Park. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to appointing a Motspur Park conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Motspur Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Motspur Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions have they completed in Motspur Park in the last 12 months?
I am the leaseholder of a ground floor flat in Motspur Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Motspur Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The remaining number of years on the lease was 60.43 years.