Leasehold Conveyancing in Somerstown - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Somerstown leasehold conveyancing

I am in need of some leasehold conveyancing in Somerstown. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Somerstown - then the leasehold title will always include the basic details 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.

My wife and I purchased a leasehold house in Somerstown. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Somerstown who acted for me is not around.Do I pay?

First contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Somerstown conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate freeholder, 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 Somerstown both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Somerstown is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and banks, 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 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 Somerstown 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 any new 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've recently bought a leasehold house in Somerstown. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

What advice can you give us when it comes to finding a Somerstown conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Somerstown conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Somerstown conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If they are not ALEP accredited then why not?
  • How many lease extensions has the firm carried out in Somerstown in the last twenty four months?

  • I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Somerstown conveyancing firm to act on my behalf?

    in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the price.

    An example of a Lease Extension decision for a Somerstown premises is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case related to 1 flat. The remaining number of years on the lease was 62.79 years.