Top Five Questions relating to St Margarets leasehold conveyancing
I am in need of some leasehold conveyancing in St Margarets. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in St Margarets - then the leasehold title will always include the short particulars 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 leasehold property in St Margarets. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in St Margarets should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in St Margarets. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in St Margarets are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in St Margarets so you should seriously consider looking for a St Margarets conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
What advice can you give us when it comes to appointing a St Margarets conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a St Margarets conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non St Margarets conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Despite our best efforts, we have been unsuccessful in negotiating a lease extension in St Margarets. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a St Margarets conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St Margarets premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The the unexpired residue of the current lease was 60.45 years.
When it comes to leasehold conveyancing in St Margarets what are the most common lease problems?
There is nothing unique about leasehold conveyancing in St Margarets. All leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Chelsea Building Society, and Barclays Direct all have express 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 grant the mortgage, obliging the buyer to pull out.
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