Examples of recent questions relating to leasehold conveyancing in Old Coulsdon
Having had my offer accepted I require leasehold conveyancing in Old Coulsdon. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Old Coulsdon - 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.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since 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 Old Coulsdon. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Old Coulsdon are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Old Coulsdon in which case you should be shopping around for a Old Coulsdon 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 leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.
I've recently bought a leasehold house in Old Coulsdon. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. However, 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).
What advice can you give us when it comes to choosing a Old Coulsdon conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Old Coulsdon conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Old Coulsdon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions has the firm completed in Old Coulsdon in the last 12 months?
Do you have any advice for leasehold conveyancing in Old Coulsdon with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Old Coulsdon can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
- Some Old Coulsdon leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Old Coulsdon conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Old Coulsdon premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The unexpired term was 75 years.