Sample questions relating to Northumberland Heath leasehold conveyancing
I am in need of some leasehold conveyancing in Northumberland Heath. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Northumberland Heath - 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.
Expecting to complete next month on a leasehold property in Northumberland Heath. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Northumberland Heath should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just appointed agents to market my basement flat in Northumberland Heath.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a couple of flats in Northumberland Heath which have approximately fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Northumberland Heath. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders 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 field
I am a negotiator for a busy estate agency in Northumberland Heath where we see a few leasehold sales derailed due to short leases. I have received conflicting advice from local Northumberland Heath conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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.
I am the leaseholder of a ground floor flat in Northumberland Heath. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to determine the price payable.
An example of a Lease Extension decision for a Northumberland Heath premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The the unexpired term as at the valuation date was 76 years.