Tottenham Hale leasehold conveyancing: Q and A’s
Planning to complete next month on a studio apartment in Tottenham Hale. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Tottenham Hale should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Tottenham Hale. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Tottenham Hale are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Tottenham Hale so you should seriously consider shopping around for a Tottenham Hale conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
I've recently bought a leasehold house in Tottenham Hale. Am I liable to pay service charges relating to a period prior to 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
All being well we will complete our sale of a £200000 maisonette in Tottenham Hale next week. The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Tottenham Hale?
Tottenham Hale conveyancing on leasehold maisonettes ordinarily results in fees being invoiced by freeholders :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Tottenham Hale
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a ground flat in Tottenham Hale. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Tottenham Hale residence is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired lease term was 74.13 years.
What makes a Tottenham Hale lease unmortgageable?
There is nothing unique about leasehold conveyancing in Tottenham Hale. Most leases are individual and drafting errors can sometimes mean that certain provisions 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 premises
- A duty to insure the building
- 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 could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.