Frequently asked questions relating to Wembley Park leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Wembley Park. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wembley Park ?
Most houses in Wembley Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Wembley Park so you should seriously consider looking for a Wembley Park conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority 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 will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
My wife and I purchased a leasehold flat in Wembley Park. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Wembley Park who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wembley Park conveyancing solicitor to do this as it can be done on-line for a few pound. 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 a negotiator for a long established estate agency in Wembley Park where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Wembley Park conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you provide any top tips for leasehold conveyancing in Wembley Park from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wembley Park can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or managing agents in Wembley Park levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Wembley Park.
Completion in due on the disposal of our £325000 maisonette in Wembley Park next Monday . The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Wembley Park?
Wembley Park conveyancing on leasehold flats more often than not involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I have had difficulty in seeking a lease extension in Wembley Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the price.
An example of a Lease Extension case for a Wembley Park property is Ground Floor Flat 69 Clifton Avenue in March 2012. the Tribunal determined that the premium payable for the new lease was £5,932 This case related to 1 flat. The remaining number of years on the lease was 76.06 years.