Common questions relating to Wennington leasehold conveyancing
Looking forward to sign contracts shortly on a leasehold property in Wennington. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wennington should include some of the following:
- The physical extent of the premises. This will be the property itself but may incorporate a roof space or basement if appropriate.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Wennington. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Wennington ?
Most houses in Wennington are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Wennington in which case you should be shopping around for a Wennington conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
I own a leasehold house in Wennington. Conveyancing and TSB mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Wennington who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Wennington conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Wennington both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Wennington. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to appointing a Wennington conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Wennington conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Wennington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Wennington who can give a testimonial?
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Wennington. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Wennington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Wennington residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired lease term was 76 years.