Selsdon leasehold conveyancing Example Support Desk Enquiries
Expecting to sign contracts shortly on a garden flat in Selsdon. Conveyancing solicitors assured 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 Selsdon should include some of the following:
- You should receive a copy of the lease
My wife and I purchased a leasehold house in Selsdon. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Selsdon who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to instruct a Selsdon conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Selsdon which have in the region of forty five years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
What are your top tips when it comes to finding a Selsdon conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Selsdon conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Selsdon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Selsdon conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Selsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision 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 related to 6 flats. The remaining number of years on the lease was 78.32 years.
In relation to leasehold conveyancing in Selsdon what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Selsdon. Most leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem 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, Virgin Money, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.