Examples of recent questions relating to leasehold conveyancing in Old Malden
Planning to complete next month on a garden flat in Old Malden. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Old Malden should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my basement apartment in Old Malden.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 management companies will not acknowledge the buyer unless 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.
My wife and I purchased a leasehold house in Old Malden. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Old Malden who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Old Malden conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two maisonettes in Old Malden both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Old Malden. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Old Malden from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Old Malden can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- Many freeholders or managing agents in Old Malden levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. 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 Old Malden.
I am the leaseholder of a basement flat in Old Malden. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Most definitely. We can put you in touch with a Old Malden conveyancing firm who can help.
An example of a Lease Extension decision for a Old Malden flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.