Questions and Answers: Mottingham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Mottingham. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and most are in Mottingham - 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.
Looking forward to exchange soon on a studio apartment in Mottingham. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Mottingham should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
- Defining your rights in relation to the communal areas in the building.By way of example, does the lease grant a right of way over a path or staircase?
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- Whether your lease has a provision for a reserve fund?
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Mottingham. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Mottingham are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Mottingham in which case you should be looking for a Mottingham conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
Back In 2005, I bought a leasehold flat in Mottingham. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Mottingham who previously acted has now retired.What should I do?
First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Mottingham conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agency in Mottingham where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Mottingham conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Mottingham conveyancing firm to represent me?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The unexpired term was 23.26 years.
I acquired a basement flat in Mottingham, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Mottingham with a long lease are worth £241,000. The ground rent is £55 levied per year. The lease ends on 21st October 2101
You have 75 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.