Sample questions relating to South Hornchurch leasehold conveyancing
I own a leasehold flat in South Hornchurch. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in South Hornchurch who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a South Hornchurch conveyancing lawyer to do this as you can do this on the Land Registry website for £3. 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 tempted by the attractive purchase price for a couple of flats in South Hornchurch which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in South Hornchurch is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. 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 South Hornchurch 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 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.
What are your top tips when it comes to choosing a South Hornchurch conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a South Hornchurch conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non South Hornchurch conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in South Hornchurch with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in South Hornchurch can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in South Hornchurch state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents to hand do not communicate with the landlord without checking with your solicitor first.
If all goes to plan we aim to complete the disposal of our £400000 flat in South Hornchurch on Monday in a week. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in South Hornchurch?
South Hornchurch conveyancing on leasehold maisonettes more often than not requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a South Hornchurch conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a South Hornchurch conveyancing firm who can help.
An example of a Lease Extension case for a South Hornchurch property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.