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?
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 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.
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.