Fixed-fee leasehold conveyancing in Petts Wood:

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Petts Wood leasehold conveyancing: Q and A’s

I am hoping to sign contracts shortly on a garden flat in Petts Wood. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Petts Wood should include some of the following:

  • The physical extent of the premises. This will be the property itself but may incorporate a roof space or cellar if applicable.
  • Defining your rights in relation to the communal areas in the building.For instance, does the lease provide for a right of way over an accessway or staircase?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from subletting the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • 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.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Petts Wood please enquire of your solicitor in advance of your conveyancing in Petts Wood

    • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Petts Wood. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Petts Wood ?

    Most 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 assist with the conveyancing process. It is clear that you are buying in Petts Wood in which case you should be shopping around for a Petts Wood conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

    I am tempted by the attractive purchase price for a two maisonettes in Petts Wood which have about fifty years unexpired on the lease term. Will this present a problem?

    There are plenty of short leases in Petts Wood. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

    I work for a busy estate agency in Petts Wood where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Petts Wood conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.

    Can you offer any advice when it comes to choosing a Petts Wood conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Petts Wood conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several 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 might be useful:

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

    • My wife and I have hit a brick wall in trying to purchase the freehold in Petts Wood. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the price.

    An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The unexpired term was 50.57 years.

    Other Topics

    Lease Extensions in Petts Wood