Frequently asked questions relating to Turnpike Lane leasehold conveyancing
Looking forward to complete next month on a basement flat in Turnpike Lane. Conveyancing solicitors inform me 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 Turnpike Lane should include some of the following:
- Does the lease prohibit wood flooring?
- Are pets allowed in the flat?
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
- Whether your lease has a provision for a reserve fund?
- You should have a good understanding of the insurance provisions
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
I’m about to sell my ground floor flat in Turnpike Lane.Conveyancing has not commenced but I have just had a half-yearly service charge demand – Do I pay up?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. 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 Turnpike Lane. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Turnpike Lane are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Turnpike Lane so you should seriously consider looking for a Turnpike Lane conveyancing practitioner and check that they are used to 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 at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
My wife and I purchased a leasehold house in Turnpike Lane. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Turnpike Lane who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Turnpike Lane conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Turnpike Lane both have about 50 years left on the leases. should I be concerned?
There are plenty of short leases in Turnpike Lane. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces 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 difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
I have given up trying to purchase the freehold in Turnpike Lane. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Turnpike Lane conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Turnpike Lane flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The the unexpired term as at the valuation date was 81.79 years.
Turnpike Lane Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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What is the yearly service fee and ground rent?