Sample questions relating to Newbury Park leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Newbury Park. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Newbury Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Newbury Park so you should seriously consider looking for a Newbury Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
I am attracted to a two flats in Newbury Park which have in the region of forty five years left on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I work for a long established estate agent office in Newbury Park where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Newbury Park conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
If all goes to plan we aim to complete our sale of a £500000 flat in Newbury Park next week. The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Newbury Park?
Newbury Park conveyancing on leasehold flats usually necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the proprietor of a second floor flat in Newbury Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Most definitely. We can put you in touch with a Newbury Park conveyancing firm who can help.
An example of a Lease Extension decision for a Newbury Park residence is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 60.29 years.
In relation to leasehold conveyancing in Newbury Park what are the most common lease problems?
Leasehold conveyancing in Newbury Park is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Barclays Direct all have express 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.