Common questions relating to Stanmore leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Stanmore. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Stanmore are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Stanmore in which case you should be looking for a Stanmore conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
Back In 2003, I bought a leasehold house in Stanmore. Conveyancing and Britannia mortgage are in place. 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 1991. The conveyancing solicitor in Stanmore who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Stanmore conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Stanmore which have approximately fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in Stanmore. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We expect to complete our sale of a £500000 garden flat in Stanmore in nine days. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Stanmore?
Stanmore conveyancing on leasehold maisonettes normally requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I have given up trying to purchase the freehold in Stanmore. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension decision for a Stanmore flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The the unexpired residue of the current lease was 70.25 years.