Leasehold Conveyancing in Petts Wood - Get a Quote from the leasehold experts approved by your lender

Leasehold conveyancing in Petts Wood is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Petts Wood and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Petts Wood leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Petts Wood. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Petts Wood - 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've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Petts Wood. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Petts Wood ?

The majority of houses in Petts Wood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Petts Wood in which case you should be looking for a Petts Wood conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

I own a leasehold house in Petts Wood. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Petts Wood who acted for me is not around.Any advice?

First contact the Land Registry to be 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 Petts Wood conveyancing practitioner 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 legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What advice can you give us when it comes to choosing a Petts Wood conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Petts Wood conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Petts Wood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

  • I inherited a ground-floor 1960’s flat in Petts Wood. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

    Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to decide the price payable.

    An example of a Lease Extension case for a Petts Wood residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired lease term was 50.57 years.

    What makes a Petts Wood lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Petts Wood. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Petts Wood