Northwood leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Northwood. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Northwood - 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 am tempted by the attractive purchase price for a couple of apartments in Northwood which have about forty five years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Northwood. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
What advice can you give us when it comes to appointing a Northwood conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Northwood conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Northwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Northwood from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Northwood can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
- The majority landlords or managing agents in Northwood charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Northwood.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Northwood conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a Northwood conveyancing firm who can help.
An example of a Lease Extension case for a Northwood property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The remaining number of years on the lease was 71 years.
When it comes to leasehold conveyancing in Northwood what are the most frequent lease problems?
Leasehold conveyancing in Northwood is not unique. Most leases are individual and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Britannia 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 grant the mortgage, obliging the buyer to withdraw.