Frequently asked questions relating to Motspur Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Motspur Park. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - 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.
I have just appointed agents to market my garden flat in Motspur Park.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 unless 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. This will smooth the conveyancing process.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Motspur Park. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Motspur Park ?
Most houses in Motspur 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. We note that you are purchasing in Motspur Park so you should seriously consider shopping around for a Motspur Park conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
We expect to complete the disposal of our £300000 apartment in Motspur Park on Friday in a week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Motspur Park?
Motspur Park conveyancing on leasehold maisonettes typically involves administration charges raised by landlords agents :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Motspur Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a ground flat in Motspur Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Lease Extension matter before the tribunal for a Motspur Park residence 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 unexpired term was 60.43 years.
What makes a Motspur Park lease unacceptable for security purposes?
Leasehold conveyancing in Motspur Park is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are erroneous. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Aldermore all have express requirements 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, obliging the buyer to withdraw.