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Common questions relating to Parsons Green leasehold conveyancing

I am hoping to sign contracts shortly on a leasehold property in Parsons Green. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Parsons Green should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the demise. This will be the flat itself but could also include a roof space or cellar if appropriate.
  • Does the lease prohibit wood flooring?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames
  • What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Parsons Green please enquire of your conveyancer in ahead of your conveyancing in Parsons Green

  • I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Parsons Green. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

    Most houses in Parsons Green are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Parsons Green in which case you should be shopping around for a Parsons Green conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

    I am looking at a two maisonettes in Parsons Green which have about 50 years remaining on the lease term. should I be concerned?

    There are no two ways about it. A leasehold flat in Parsons Green is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Parsons Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Can you offer any advice when it comes to appointing a Parsons Green conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Parsons Green conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Parsons Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

    • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Parsons Green who can give a testimonial?

  • Completion in due on the sale of our £175000 garden flat in Parsons Green on Friday in a week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Parsons Green?

    For the majority of leasehold sales in Parsons Green conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Addressing pre-contract enquiries
    • Where consent is required before sale in Parsons Green
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Parsons Green leasehold property is £350. For Parsons Green conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

    Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Parsons Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most definitely. We can put you in touch with a Parsons Green conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Parsons Green property is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case related to 2 flats. The the unexpired term as at the valuation date was 93 years and 162 years.

    Other Topics

    Lease Extensions in Parsons Green