Top Five Questions relating to South Wimbledon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in South Wimbledon. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in South Wimbledon - 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 garden flat in South Wimbledon. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in South Wimbledon should include some of the following:
- Are you allowed to have a pet in the flat?
I am tempted by the attractive purchase price for a two apartments in South Wimbledon both have approximately 50 years left on the lease term. Do I need to be concerned?
There are plenty of short leases in South Wimbledon. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to finding a South Wimbledon conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a South Wimbledon conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non South Wimbledon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
We expect to complete our sale of a £250000 garden flat in South Wimbledon in six days. The management company has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in South Wimbledon?
For most leasehold sales in South Wimbledon conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in South Wimbledon
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a South Wimbledon conveyancing firm to act on my behalf?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes 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 South Wimbledon flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 62.94 years.