Questions and Answers: Slade Green leasehold conveyancing
I am in need of some leasehold conveyancing in Slade Green. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Slade Green - 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 put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Slade Green. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Slade Green are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Slade Green in which case you should be looking for a Slade Green conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. 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 requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
Back In 2005, I bought a leasehold house in Slade Green. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Slade Green who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Slade Green conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Slade Green both have approximately forty five years left on the lease term. should I be concerned?
There are plenty of short leases in Slade Green. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
If all goes to plan we aim to complete the sale of our £375000 garden flat in Slade Green next Tuesday . The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Slade Green?
Slade Green conveyancing on leasehold apartments usually necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you if you want to sell the property.
I have had difficulty in trying to purchase the freehold in Slade Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to assess the premium.
An example of a Lease Extension matter before the tribunal for a Slade Green property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The the number of years remaining on the existing lease(s) was 76 years.