Frequently asked questions relating to West Wickham leasehold conveyancing
I am on look out for some leasehold conveyancing in West Wickham. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in West Wickham - then the leasehold title will always include the short particulars 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’m about to sell my garden apartment in West Wickham.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Back In 2009, I bought a leasehold house in West Wickham. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in West Wickham who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a West Wickham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in West Wickham. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to appointing a West Wickham conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a West Wickham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non West Wickham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
- What volume of lease extensions has the firm completed in West Wickham in the last 12 months?
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in West Wickham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee 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 LVT to make a decision on the price.
An example of a Freehold Enfranchisement case for a West Wickham property is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case related to 2 flats. The unexpired lease term was 76.75 and 88.83.
I bought a 2 bed flat in West Wickham, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in West Wickham with a long lease are worth £223,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2099
With 73 years remaining on your lease we estimate the premium for your lease extension to range between £12,400 and £14,200 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.