Questions and Answers: Mottingham leasehold conveyancing
I am on look out for some leasehold conveyancing in Mottingham. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and most are in Mottingham - 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 started marketing my ground floor flat in Mottingham.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – what should I do?
It best that you clear the invoice 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Mottingham. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Mottingham ?
Most houses in Mottingham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Mottingham so you should seriously consider shopping around for a Mottingham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.
Back In 2000, I bought a leasehold house in Mottingham. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Mottingham who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Mottingham conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Mottingham conveyancing firm to represent me?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension decision for a Mottingham residence is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 23.26 years.
What makes a Mottingham lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Mottingham. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.