Examples of recent questions relating to leasehold conveyancing in South Ruislip
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in South Ruislip. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in South Ruislip ?
Most houses in South Ruislip are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in South Ruislip in which case you should be shopping around for a South Ruislip conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I am attracted to a couple of apartments in South Ruislip which have about 50 years unexpired on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in South Ruislip from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in South Ruislip can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in South Ruislip state that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the consents in place you should not communicate with the landlord without checking with your conveyancer before hand.
All being well we will complete our sale of a £475000 maisonette in South Ruislip next week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in South Ruislip?
South Ruislip conveyancing on leasehold maisonettes nine out of ten times results in administration charges raised by managing agents :
- Answering pre-exchange questions
- Where consent is required before sale in South Ruislip
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Ruislip. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a South Ruislip conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a South Ruislip residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case was in relation to 1 flat. The unexpired term was 53.26 years.
In relation to leasehold conveyancing in South Ruislip what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in South Ruislip. Most leases are individual 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 parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.