Questions and Answers: Ruislip leasehold conveyancing
I am on look out for some leasehold conveyancing in Ruislip. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Ruislip - 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 am hoping to sign contracts shortly on a studio apartment in Ruislip. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ruislip should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I've recently bought a leasehold house in Ruislip. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a long established estate agent office in Ruislip where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Ruislip conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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 purchaser.
Can you provide any advice for leasehold conveyancing in Ruislip with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Ruislip can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Ruislip leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the consents to hand do not contact the landlord without contacting your conveyancer before hand.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Ruislip. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension case for a Ruislip premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case affected 1 flat. The the unexpired residue of the current lease was 53.26 years.