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Top Five Questions relating to Wembley Park leasehold conveyancing

I am hoping to complete next month on a ground floor flat in Wembley Park. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Wembley Park should include some of the following:

  • Setting out your rights in relation to the communal areas in the building.For example, does the lease include a right of way over an accessway or staircase?
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • 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
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Wembley Park please enquire of your lawyer in advance of your conveyancing in Wembley Park

  • I am attracted to a couple of maisonettes in Wembley Park both have approximately fifty years left on the lease term. Do I need to be concerned?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

    Can you offer any advice when it comes to appointing a Wembley Park conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Wembley Park conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Wembley 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 of use:

    • How many lease extensions have they carried out in Wembley Park in the last twenty four months?
  • Can they put you in touch with client in Wembley Park who can give a testimonial?

  • Can you provide any advice for leasehold conveyancing in Wembley Park with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wembley Park can be avoided if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
    • Many freeholders or Management Companies in Wembley Park charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Wembley Park.
  • Some Wembley Park leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • I am the leaseholder of a garden flat in Wembley Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?

    if there is a missing landlord or where there is dispute 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 First-tier Tribunal (Property Chamber) to decide the price payable.

    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 affected 1 flat. The the unexpired term as at the valuation date was 76.06 years.

    In relation to leasehold conveyancing in Wembley Park what are the most frequent lease problems?

    Leasehold conveyancing in Wembley Park is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Wembley Park