Common questions relating to Tooting leasehold conveyancing
I am on look out for some leasehold conveyancing in Tooting. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Tooting - 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.
I've found a house that seems to meet my requirements, at a reasonable figure 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 issues buying a leasehold house in Tooting. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Tooting ?
Most houses in Tooting are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Tooting in which case you should be looking for a Tooting conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority 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 comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am looking at a two maisonettes in Tooting both have about 50 years left on the lease term. Do I need to be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises 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 seek professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold property in Tooting. Am I liable to pay service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Tooting. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Tooting conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tooting 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 related to 1 flat. The unexpired lease term was 62.94 years.
In relation to leasehold conveyancing in Tooting what are the most common lease defects?
Leasehold conveyancing in Tooting is not unique. Most leases are unique 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:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- 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. HSBC Bank, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
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