Recently asked questions relating to Old Oak Common leasehold conveyancing
I am in need of some leasehold conveyancing in Old Oak Common. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Old Oak Common - 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.
Planning to complete next month on a leasehold property in Old Oak Common. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Old Oak Common should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold flat in Old Oak Common. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Old Oak Common who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Old Oak Common conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agency in Old Oak Common where we have witnessed a few leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Old Oak Common conveyancing firms. Please can you confirm whether the seller of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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.
Do you have any top tips for leasehold conveyancing in Old Oak Common from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Old Oak Common can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Old Oak Common levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Old Oak Common.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Old Oak Common conveyancing firm to represent me?
Absolutely. We are happy to put you in touch with a Old Oak Common conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Old Oak Common flat is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case affected 2 flats. The the number of years remaining on the existing lease(s) was 68.47 years.