Sample questions relating to New Barnet leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in New Barnet. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in New Barnet - 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.
Due to complete next month on a studio apartment in New Barnet. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in New Barnet should include some of the following:
- You should receive a copy of the lease
What are your top tips when it comes to finding a New Barnet conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a New Barnet conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non New Barnet conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in New Barnet with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in New Barnet can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in New Barnet state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Should you dont have the consents to hand you should not contact the landlord without contacting your lawyer in the first instance.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in New Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord 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 LVT to decide the sum to be paid.
An example of a Lease Extension case for a New Barnet flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The the unexpired residue of the current lease was 76 years.
What are the frequently found deficiencies that you see in leases for New Barnet properties?
There is nothing unique about leasehold conveyancing in New Barnet. All leases is drafted differently and drafting errors 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 elements of the building
- Insurance obligations
- 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
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.