Questions and Answers: Waddon leasehold conveyancing
I am in need of some leasehold conveyancing in Waddon. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Waddon - 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.
Estate agents have just been given the go-ahead to market my garden flat in Waddon.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 management companies 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Waddon. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Waddon ?
Most houses in Waddon 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 Waddon in which case you should be shopping around for a Waddon conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am looking at a couple of flats in Waddon both have about forty five years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises 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 help from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to appointing a Waddon conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Waddon conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Waddon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions have they completed in Waddon in the last 12 months?
Having spent years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Waddon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Freehold Enfranchisement case for a Waddon residence is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The the unexpired term as at the valuation date was 98 years.
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