Top Five Questions relating to New Malden leasehold conveyancing
Looking forward to complete next month on a basement flat in New Malden. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in New Malden should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in New Malden. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in New Malden are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in New Malden so you should seriously consider shopping around for a New Malden conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I am looking at a two apartments in New Malden both have about fifty years unexpired on the leases. should I be concerned?
There are plenty of short leases in New Malden. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold house in New Malden. Am I liable to pay service charges for periods before completion of my purchase?
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. A critical element 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).
Can you provide any top tips for leasehold conveyancing in New Malden from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in New Malden can be bypassed where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers lawyers.
- The majority landlords or managing agents in New Malden levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in New Malden.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a New Malden conveyancing firm to help?
Most certainly. We are happy to put you in touch with a New Malden conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a New Malden premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.