Recently asked questions relating to Selsdon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Selsdon. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Selsdon - 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.
Back In 2002, I bought a leasehold flat in Selsdon. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Selsdon who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Selsdon conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of maisonettes in Selsdon which have about forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Selsdon is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Selsdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.
I am employed by a reputable estate agency in Selsdon where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Selsdon conveyancing solicitors. Can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
If all goes to plan we aim to complete our sale of a £ 325000 apartment in Selsdon next Friday . The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Selsdon?
For most leasehold sales in Selsdon conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Selsdon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Selsdon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Selsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Selsdon residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The the unexpired residue of the current lease was 78.32 years.
Selsdon Leasehold Conveyancing - Examples of Queries before buying