Common questions relating to Tufnell Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Tufnell Park. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Tufnell Park - 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 be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Tufnell Park. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Tufnell Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Tufnell Park in which case you should be looking for a Tufnell Park conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I own a leasehold house in Tufnell Park. Conveyancing and TSB mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Tufnell Park who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Tufnell Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Tufnell Park which have in the region of forty five years remaining on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to finding a Tufnell Park conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Tufnell Park conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Tufnell Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions have they completed in Tufnell Park in the last 12 months?
My wife and I have hit a brick wall in negotiating a lease extension in Tufnell Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension decision for a Tufnell Park property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The the unexpired residue of the current lease was 64.77 years.
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