Sample questions relating to Upper Norwood leasehold conveyancing
I am in need of some leasehold conveyancing in Upper Norwood. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Upper Norwood - then the leasehold title will always include the short particulars 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 am looking at a two apartments in Upper Norwood both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Upper Norwood is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Upper Norwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Last month I purchased a leasehold flat in Upper Norwood. Am I liable to pay service charges for periods before 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. 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).
Can you offer any advice when it comes to finding a Upper Norwood conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Upper Norwood conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Upper Norwood 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:
- Can they put you in touch with client in Upper Norwood who can give a testimonial?
Completion in due on the sale of our £275000 flat in Upper Norwood in 8 days. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Upper Norwood?
Upper Norwood conveyancing on leasehold apartments usually results in administration charges raised by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Upper Norwood
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Upper Norwood. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Upper Norwood flat is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The the unexpired residue of the current lease was 26.38 years.
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