Recently asked questions relating to Osterley leasehold conveyancing
I am on look out for some leasehold conveyancing in Osterley. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Osterley - 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've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Osterley. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Osterley ?
The majority of houses in Osterley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Osterley in which case you should be shopping around for a Osterley conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I own a leasehold house in Osterley. Conveyancing and Birmingham Midshires mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Osterley who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Osterley conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agency in Osterley where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Osterley conveyancing firms. Can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 buyer need not have to wait 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.
An alternative approach is 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.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Osterley. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Osterley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Osterley residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The remaining number of years on the lease was 60.45 years.
What makes a Osterley lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Osterley. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.