Raynes Park leasehold conveyancing Example Support Desk Enquiries
I am hoping to complete next month on a ground floor flat in Raynes Park. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Raynes Park should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed flat in Raynes Park.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Raynes Park. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Raynes Park ?
Most houses in Raynes Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Raynes Park in which case you should be looking for a Raynes Park conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant 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 changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
Back In 2006, I bought a leasehold flat in Raynes Park. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Raynes Park who previously acted has now retired.Any advice?
First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Raynes Park conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of flats in Raynes Park both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Raynes Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 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 Raynes Park 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Raynes Park. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Raynes Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Raynes Park flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The remaining number of years on the lease was 60.43 years.
Other Topics