Recently asked questions relating to West Drayton leasehold conveyancing
I am on look out for some leasehold conveyancing in West Drayton. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in West Drayton - 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.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in West Drayton. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in West Drayton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in West Drayton in which case you should be shopping around for a West Drayton conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold flat in West Drayton. Conveyancing and Barnsley Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in West Drayton who acted for me is not around.Do I pay?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a West Drayton 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 looking at a two maisonettes in West Drayton which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in West Drayton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with West Drayton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any advice for leasehold conveyancing in West Drayton with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in West Drayton can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- The majority landlords or managing agents in West Drayton levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in West Drayton.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a West Drayton conveyancing firm to help?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to determine the price.
An example of a Freehold Enfranchisement matter before the tribunal for a West Drayton residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The remaining number of years on the lease was 69 years.