Examples of recent questions relating to leasehold conveyancing in South Ruislip
I am on look out for some leasehold conveyancing in South Ruislip. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in South Ruislip - 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.
Looking forward to complete next month on a ground floor flat in South Ruislip. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in South Ruislip should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
- You should be told what constitutes a Nuisance in the lease
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- Repair and maintenance of the flat
- Changes to the flat (alterations and additions)
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
- What the implications are if you breach a clause of your lease?
I have just appointed agents to market my garden apartment in South Ruislip.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in South Ruislip. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in South Ruislip are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in South Ruislip so you should seriously consider looking for a South Ruislip conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am attracted to a couple of flats in South Ruislip both have about forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in South Ruislip is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Ruislip 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
After months of correspondence we cannot 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?
Most certainly. 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 flat is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case affected 1 flat. The unexpired term was 53.26 years.
I acquired a basement flat in South Ruislip, conveyancing was carried out 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in South Ruislip with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2092
With only 66 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.