Examples of recent questions relating to leasehold conveyancing in Newbury Park
Having had my offer accepted I require leasehold conveyancing in Newbury Park. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Newbury Park - 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've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Newbury Park. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Newbury Park ?
The majority of houses in Newbury Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Newbury Park so you should seriously consider looking for a Newbury Park conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.
I am attracted to a couple of apartments in Newbury Park both have about 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Newbury Park. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter 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. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold house in Newbury Park. Do I have any liability for 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. It is an essential part 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).
I work for a reputable estate agency in Newbury Park where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Newbury Park conveyancing solicitors. Please can you clarify whether the vendor of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 before, or at the same time as completion of the disposal of the property.
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 given up trying to purchase the freehold in Newbury Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the price payable.
An example of a Lease Extension decision for a Newbury Park flat is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case affected 1 flat. The the unexpired term as at the valuation date was 60.29 years.